$JSEMCG - MultiChoice: Bear Growls On Gloomy Trading Update
I have had to make a minor label adjustment to MCG after the selloff today after the trading update released after market close yesterday.
On the last update on March 3, I was looking for buy opportunities on a pullback for wave ((iv)) but I cautioned that the buy would be a wave ((v)) of a higher degree wave 5.
The recent selloff confirms that the wave 1 to 5 are complete and that a three wave correction is to follow.
The selloff from 15520 to 11300 looks impulsive and can be viewed as wave A of a zigzag.
I will sit on my hands on MCG and look out for trading statements as the FY23 ends on the 31st of March.
On the last update on March 3, I was looking for buy opportunities on a pullback for wave ((iv)) but I cautioned that the buy would be a wave ((v)) of a higher degree wave 5.
The recent selloff confirms that the wave 1 to 5 are complete and that a three wave correction is to follow.
The selloff from 15520 to 11300 looks impulsive and can be viewed as wave A of a zigzag.
I will sit on my hands on MCG and look out for trading statements as the FY23 ends on the 31st of March.
