SembCorp Industries: Elliott Wave V starts?

SembCorp is not able to get past the $4.00 resistance (also the 61.8% Fibonacci Retracement Level) and looks like the completion of Elliott Wave 1, 2, 3, 4, 5 & A-B-C (marked in blue color).

Reversely, it looks like another Elliott Wave (downward wave – marked in red) in formation starting wave 1 at $5.50. If this is true, wave 4 may have been completed at $4.00 and wave 5 may start now and will reach $3.077 as minimum target. For this scenario to happen, wave 5 must break the recent low at about $3.20.


See previous analysis of SembCorp Industries capped at $4.00 here.


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