The Gambler, Genting Singapore

My father always praised the courage of Lam Ng Tong, he has selected the top of the mountain to build his casino. My father always asked me to imagine the amount of risk it takes financially to build an architecture as such at a place so remote that no road was available at the time and not knowing if it will succeed at all. Lam Ng Tong is indeed a great gambler himself.

So when Genting was awarded the resort licence in Singapore, it was really a great event. It attempted collaboration with he Macau casino tycoon cause a stir and led to the Singapore government to step in and put a stop to that.

Yet after many yers, the noverty has subsided and all we know is that whenever the government "needs money", they will find ways to fine Genting ( or Marina Bay Sand) for extra income. So how is Genting performing at the moment?

Fig 1 Genting Weekly Chart

Genting of all the stocks has in fact been on the decline since late 2010 and has not recovered since. This is interesting. It does fit my observation that that this phenomena is dying. Another interesting thing is that I have earlier placed Fibonacci downward projection on this counter and when I relook into this counter, I see that it is presently supported by the 38.2% retracement line, it was at 23.6 in the past low.

The problem I have at the moment is the wave counts. Top down I see a 3 wave pattern but the justification needs to match with the minor wave set ups. My feel at the moment is a complex B with a 5 wave pattern (a-e) and C wave is more of  a 3 wave pattern. There don't seems to be a single major wave to  have a 5 wave pattern.

Alternatively, if I consider the a and b of B wave to be the 4th and 5th of A, then A will fulfill the 5 wave formation. But here is the problem, either the b (or 2nd) wave of A is complex or the 1st wave has a 4th that is too big. Theory of wave count does stated that 1 counter wave should be simple while the other complex. Such is not the case in this pattern.

Nevertheless, I would see a re-bounce on this counter but no pattern sighted yet and therefore difficult to justify.The support turn resistance level so far is 1.18. The indicators are not in agreement with each other although both of them are at the bottom. So no conclusion yet and monitoring is necessary if you are in this counter.