From the Elliott Wave count, the correction is in the final stage after completing Wave A at $0.999 on 4th Apr 2018 and Wave B at $1.312 on 15th May 2018. Wave A consists of a 5 wave impulse while Wave B displays the typical zigzag pattern. Wave C, the ongoing wave so far is displaying a 5 wave impulse too with wave 1,2,3,4 completed and now entering into wave 5. The end of wave 5 will be the Wave (2) of the new up cycle. The ongoing wave 5 look yet to run its full course and based on guideline, the followings are some of the possible target.
1. Wave (2) correction highly possible to end between the 50% to 61.8% Fibonacci Retracement level which is between $0.985 to $0.894.
2. For Wave C doing a Fibonacci Ratio on the 5 wave impulse, 261.8% will end up at $0.852, slightly overshoot the 61.8% level.
3. The overall correction pattern is quite obvious the typical ZigZag (5-3-5) pattern and with Wave C = Wave A in length, that will end up at $0.944, which happens to fall in between the 50% to 61.8% region.
One thing still unknown is whether the ongoing wave 5 will it do an ending diagonal pattern in the lower degree, which is very common nowadays. Hence, the first rebound in wave 5 does not necessary mean bottom has been reached.
I also came across some jumping in to buy from $1.09 all the way to $1.28 during the Wave B phase taking it the correction was over in Wave A. This is a very common mistake for majority as Wave B is also known at the "failed rally" portion of the correction. In Elliott Wave correction there will always 1 "failed rally" if not the whole correction cannot be considered over.
I also came across some jumping in to buy from $1.09 all the way to $1.28 during the Wave B phase taking it the correction was over in Wave A. This is a very common mistake for majority as Wave B is also known at the "failed rally" portion of the correction. In Elliott Wave correction there will always 1 "failed rally" if not the whole correction cannot be considered over.
Normally, I do not perform any Technical Analysis on the stocks that I am vested in based on fundamental reason as not wanting any decision to buy or sell base on TA. However, for the case of Genting (vested since 2006) I just found the correction pattern is very typical and worth noting down for archive and reference for future use. Hence, even if TA could spell its price to drop to the above mentioned level, I will not sell and hoping to buy back cheaper later as I see no fundamental reason yet to warrant a divestment.
Added 9th Oct 2018
The selling pressure is very strong with price now at $1.01, almost $1.00 level before the rebound.
The rebound after hitting $1.00 was weak as it only managed to reach $1.08. This further enforced that was wave iv of the still ongoing correction. Now it is in the final left of the correction, wave v. Question will be will it stop at $1.00 again ? The breaking down at $1.00 as indicated from the chart above could hit between the 50% to 61.8% Fibonacci Retracement level at $0.985 to $0.895.
