Week chart :
1 . Bottom pick show the signal.
2. Stochastic is oversold, and just the matter of time to rebound.
History will repeat itself.
DYODD & TAYOR
Disclaimer:
Mentioned stocks are solely based on own opinions for education/discussion purpose only. There's no buy/sell recommendation. Trading involve financial risk on your own.
Gosh! Topglove have hit 3 times stop lost from previous 3 ideas.. I just “found” but “not expected”. 4 valid “points” (as remark 1p to 4p in chart)..to keep my long positions.. Maybe..maybe Rm1.35 (again ) will be “bottom “ for many few years ahead..
Topglov price have reached Rm1.48 a “ border” of “ 4 = Death ( in Chinese ) or 8 = Glory ( in Chinese )..A possible 3 “touch & go “ or 3 drive pattern or wedge pattern’s lower trend line.
Market Irrationality?! Topglove a cash rich / YOY earning profit stocks Price have broken Rm1.65 previous low! From Rm8.48.. that more than -80%!!! What next?! Look like the next level to build “a base” would be around Rm1.38...So.. what a role could be played be a traders now to based on “supply and demand” “helping” Topglove to have a “fair price”??? People make...
Topglove’s price might have “pullback” toward wave 2 (yellow) @ around Rm1.820 which is 1) Fibo 0.618 retracement level 2) Volume Profile P.O.C ( point of control ) level Red thick horizontal line before.. A “strong” upticks..
Topglove most likely won’t reach Rm1.60 as “projected target price” by some “Big Institutions”. Rm1.650 bottom most likely would be “bottom” for many years ahead..as mentioned on larger time frame chart on previous ideas. Here we checkout from smaller time chart. We have seen Topglove forming a triangle patter “ABCD” ( yellow) on its chart. Where triangle mostly...
Topglove. Checking from it’s smaller time frame wave structure, topglove most likely done its bearish correction since August 2020.. Beside “reversal pattern in smaller time frame) Topglove monthly Price was stalled at around lower support line of long term uptrend parallel channel ( cyan ) plus POC ( Red thick horizontal line ) of volume profile.
(My analysis on Daily Timeframe )
-Price breakout the Trendline on Daily timeframe
-Current price will retest at Key Level/ Swap zone or maybe breakout
-Compression and another price action can be seen at lower timeframe
-Clean breakout at 1.985 support area +bullish compression appeared
My conclusion:-
Theres would be an opportunity if the price break key...
1)On Charts : Charts consist of 3-Dimensions - The X-factor ( Time or Cycle ), The Y- factor ( Price Geometry ), AND The Z-factor ( The Speed ).. 2)On Elliot Wave / Market Structure : Unlike Textbook written rule : ALL Impulsive wave comprise of ONLY a-b-c sub-waves NOT 1,2,3,4,5 waves.. AND there is NO Truncated 5th wave BUT ONLY wrong wave counts...
Disclaimer
TOPGLOVE. I've look back topglove's price structure, there is a high probability that it has just completed its wave E (Yellow circled) of a triangle pattern which happen most of the on wave 4 where most of the time the last waves of "correction" . That meant also TOPGLOV might on its last waves down toward around 1.600 before major "BULLISH REVERSAL! " probably...
TOPGLOVE possible forming a triangle pattern in wave iv ( cyan / light blue ). Major reversal could be "delayed/dragged" until late of March 2022 after First Quarter Earning Report for 2022 on 9 Mar 2022..
TOPGLOV's "BIG BOSS" have "aggressively" "accumulated" "His" "Own Stocks" recently!!! Pls. checked "detail" at "attached" image on inside the "background" of this chart.
TOPGLOVE short term price structure seem like forming a head and shoulder pattern ( which is a bearish reversal signal) .. Price need to break above 2.780 which is the low of sub wave ii ( Cyan/ Light Blue) for any further validation setup before the Bull Continue running.
1)On Charts : Charts consist of 3-Dimensions - The X-factor ( Time or Cycle ), The Y- factor ( Price Geometry ), AND The Z-factor ( The Speed ).. 2)On Elliot Wave / Market Structure : Unlike Textbook written rule : ALL Impulsive wave comprise of ONLY a-b-c sub-waves NOT 1,2,3,4,5 waves.. AND there is NO Truncated 5th wave BUT ONLY wrong wave counts...
Please like , share and comments , thank you!...Our "progression" are build on "constructive criticism".. Trade what we "see" not our expectation due to bias
MYX:TOPGLOV has hit my second expected target of RM2.00 yesterday.
First target RM2.30 and was spot on achieved in early November 2021. I started following this name since November 22, 2020 and has been posting numerous posts and warnings of it coming down. Yet I get laughed at with people saying how can a profitable company fall to RM2 from a whopping RM7+...
It doesn't matter "omicron variant" gonna get "stronger" or "weaker" than "delta variant" Or Does it matter ASP ( Average Selling Price ) Gonna "cheaper". WHat do you think one of coming world worst inflation rate will make ASP go lower?...Glove's "Economic Cycle" Gonna to run and start the engine "making money"...
