Continued from DBS, OCBC, UOB Analysis
As mentioned in previous analysis all the 3 banks are in Primary degree Wave 4 of Cycle degree Wave 3 correction. The question now is has the correction over for the 3 banks ?
The above are the charts for the 3 banks. As clearly seen, OCBC is the only bank that has broken out of the downtrend channel. DBS and UOB still have like 6.58% and 8.94% respectively away from breaking out of the downtrend channel. The downtrend channel is very consistent for the 3 banks to provide a fair analysis and comparison. Point A and B of the channel occurred at 30 Apr 2018 and 26 Sep 2018 respectively. From Elliott Wave perspective, OCBC and UOB have done a Fibonacci retracement between 38.2% - 50% while DBS just above the 38.2% Fibonacci retracement ...
