Raffles Holdings should have ended the short-term downtrend
SG Technical Comments: Raffles Holdings (27 Jan 2006)
By Ken Tai
Fri, 27 Jan 2006, 09:10:32 SGT
Raffles Holdings - The short-term downtrend of Raffles Holdings should have ended after a series of higher highs. A breakout has occurred yesterday. The traded volume rose sharply and suggested that the breakout was valid, further upside can be anticipated. As Wave 2 never corrects below the low of Wave 1, we estimate that we are currently in the Wave 3 mode. As Wave 3 is never the shortest, an analytical target of $0.69 has emerged if Wave 3 equals to 1.618x of Wave 1 based on Fibonacci Ratio.
By Ken Tai
Fri, 27 Jan 2006, 09:10:32 SGT
Raffles Holdings - The short-term downtrend of Raffles Holdings should have ended after a series of higher highs. A breakout has occurred yesterday. The traded volume rose sharply and suggested that the breakout was valid, further upside can be anticipated. As Wave 2 never corrects below the low of Wave 1, we estimate that we are currently in the Wave 3 mode. As Wave 3 is never the shortest, an analytical target of $0.69 has emerged if Wave 3 equals to 1.618x of Wave 1 based on Fibonacci Ratio.
posted by SmartYInvestor at 5:23 PM
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