$JSEMCG - Multichoice Group: Best Choice Is To Sit On Your Hands
If "I want to move sideways" was a stock, it would be MCG as that is what it has done pretty much since its unbundling and new listing.
From the March 2020 low, the stock took off in classic Elliott Wave fashion.
After an impulsive wave 1, wave 2 formed a rare running flat which tends to be a precursor for a strong wave 3.
Wave 3 did not disappoint as it was very strong and swift.
Since October 2020 though, the share has been trading sideways in a large, contracting triangle pattern which is common for wave 4.
I am forecasting wave 5 in the medium-term but it will take extreme patience as this triangle can drag on much longer.
This forecast will be invalidated by a break below 10159 zac.
From the March 2020 low, the stock took off in classic Elliott Wave fashion.
After an impulsive wave 1, wave 2 formed a rare running flat which tends to be a precursor for a strong wave 3.
Wave 3 did not disappoint as it was very strong and swift.
Since October 2020 though, the share has been trading sideways in a large, contracting triangle pattern which is common for wave 4.
I am forecasting wave 5 in the medium-term but it will take extreme patience as this triangle can drag on much longer.
This forecast will be invalidated by a break below 10159 zac.
