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24 January 2022 @ 12.30 pm on MYEG (0138)

24 January 2022 @ 12.30 pm on MYEG (0138)

I wish to clarify on some comments raised on MYEG (0138) that the correction retracement may go down further.

So to safeguard your investment, in the name of risk management, let me put in clearer terms so when you so decide to go for it, you at least have the safeguard measures implemented.

Based on EW practice, MYEG is correcting on wave 3/4 and forming a Head & Shoulder formation, indicating a retracement. In any case, wave 3/4 is a corrective wave but how far it will correct depends on Mr. Market.

My take is that for as long as a green candle goes above the Blue MA233 line I maintain a positive outlook and MYEG will move and continue onto wave 5. It might retrace further since a H&S pattern is noticed so it is prudent to institute a cut loss measure at the same level as the 2 previous pivot higher low, at about 0.89. But the candle must not fall below the the red-dotted line as this will disqualify the Wave 4 pivot.

Only make a buy when a green candle forms above the MA233 line. Then we know for sure that Wave 5 is confirmed and intact.

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