The 3 white soldiers

Malaysian Ringgit is one of the currency I monitor, this I because I am a Malaysian by origin and what's happening in my country s my concern as well.

 

The last 3 weeks is really traumatic for Malaysian Ringgit, it has continuously been devalued by the market. All this the result of the scandal revealed Malaysian Government high level of corruption.

 

So what do we have here on the chart?

 

Fig 1 SGD MYR Weekly Chart

This chart clearly demonstrated a 3 white soldiers through candle stick. By tradition, we would go in if it is a stock counter, but we are looking at currency here, the larger the value the worse this currency gets. If I reverse the chart, the actual name of the pattern is known as the 3 black crows, meaning that it is going to fall further.

Fig 2 USD MYR weekly chart

Looking at USD MYR chart, the same is happening, with this chart, there is more reason for MYR to fall further, other than the so called 3-whie soldiers, USD MYR has formed a saucer bottom. The minimum objective measurement here is based on the width of the counter. There will be more way to go for ringgit.

I am concern with those living in Malaysia, their lives are going to be worse. The worst part is that the present corrupted government has only themselves to care for. They no longer aim to serve the people and  shutting up anyone who even try to voice their corrupt behaviour. Malaysia is heading for bankruptcy because of these people.