$JSEMTH - Motus Holdings: How Big Can This Bear Get?
On the 19th of November 2022 I cautioned that Motus' share price will not go up forever, link below.
I highlighted that the stock was forming a terminal pattern in an ending diagonal and that a trend reversal was imminent.
More often than not, the final wave in an ending diagonal makes a new high relative to the third wave and on some occasions even overshoots the upper trendline.
In this case, the best wave count suggest that wave(v) is truncated, meaning it terminated below the peak of wave(iii).
The strong sell-off from 13163 conforms that the upward impulse from 2300 is complete.
Motus has retraced 35% from its all-time high of 13600 and 32% from the orthodox end of the impulse at 13163 so it's already in a bear market.
The question now really is how big can the bear get.
I am tentatively labeling that sell-off from 13163 to 8828 as wave(A) of a zig zag implying further downside in the medium-long-term.
Any attempts to buy the correction for wave(B) should use a stop-loss below 8828.
I highlighted that the stock was forming a terminal pattern in an ending diagonal and that a trend reversal was imminent.
More often than not, the final wave in an ending diagonal makes a new high relative to the third wave and on some occasions even overshoots the upper trendline.
In this case, the best wave count suggest that wave(v) is truncated, meaning it terminated below the peak of wave(iii).
The strong sell-off from 13163 conforms that the upward impulse from 2300 is complete.
Motus has retraced 35% from its all-time high of 13600 and 32% from the orthodox end of the impulse at 13163 so it's already in a bear market.
The question now really is how big can the bear get.
I am tentatively labeling that sell-off from 13163 to 8828 as wave(A) of a zig zag implying further downside in the medium-long-term.
Any attempts to buy the correction for wave(B) should use a stop-loss below 8828.
