Armada- sinking vessels? Rocketing higher, of course!

Armada (5210) Rocket fuel is loading

(chart courtesy of UOB KayHian Techanalyzer)

Armada is in the midst of challenging the upper trendline of ending diagonal, as shown in diagram above. 

Successful breakout of the upper trendline will complete the five-wave diagonal and mark the beginning of Cycle wave B

Brief description of the price structure history for Armada:

Armada began the five-wave correction in April 2012, and briefly undercut the lower trendline of ending diagonal in Nov and Dec 2016. The stopping volume of intermediate wave (5) was significantly lower than intermediate wave (3) in the ending diagonal (shown in diagram above), suggesting the last wave of selling was exhaustive.

Prognosis for price movement of Armada:

Since correction waves of larger wave degree always occur in three-wave manner, a bear rally Cycle  wave B is expected for Armada in 2017 in a three-wave fashion. 

A resounding breakout of price level 0.70 will confirm the Armada's intention to jump start Cycle wave B. Breaking the 0.70 level will also levitate Armada into a bullish territory, because the current daily 200SMA is around 0.69. Be prepared as Armada will unleash an armada of rocket to soar higher in price.