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Applying the Elliot Wave Theory, DNEX seems to be in Wave 5 now. However, the more important question still remains.
Q: Has it reached the end of Wave 5?
I'm not too sure myself. Looking at the charts, it's very well supported at RM 0.655 and there was a spike in buying interest on Friday which saw it break above its RM 0.75 resistance.
That said, there DNEX is being fined for more than RM 10 million and this may impact its share price.
To me, it does look more likely that it has reached the end of its Wave 5 when it hit RM 0.84 earlier last week.
That said, there's still a possibility that DNEX may go for another big rally towards the RM 0.88 resistance before moving to its correction Wave A.
As long as the support of RM 0.655 is able to hold, this possibility will be there.
Support: RM 0.70, RM 0.655 areas
Resistance: RM 0.75, RM 0.77, RM 0.80, RM 0.84, RM 0.88 areas
NOTE: This is purely my interpretation of the Elliot Wave Theory in DNEX. It is by no means perfect.
