Yangzijiang’s (SGX: BS6) corrective wave has prolonged beyond our expectation. Based on our Elliott wave count on 28th May, the bigger phase of the wave count is still valid and technicals also show confluence with the bullish action ahead:
*Timeline of the trade should be between 1-3 weeks from the date issued.
* Should price breaks lower, the next support zone will be at 61.8% Fibonacci retracement level.
Red dotted line = 200 periods Moving average
Blue dotted line = 50 periods Moving average