Elliott Wave TheGM (Independent Research)

In our previous update, we highlighted the possibility that wave (iv) had ended and that prices could be working higher, with an initial target of RM3.13 provided that RM2.93 was successfully breached. Today, SLVEST has broken above the RM2.93 resistance level and is currently trading at RM3.05, which is also above the 3% filter level of RM3.01. This development strengthens the bullish case and suggests that prices may continue advancing towards RM3.13 or higher. Since wave (iii) reached parity with wave (i) at RM2.90, we believe wave (v) may be extending. Based on the current structure, we are looking at the 1.618 Fibonacci expansion target near RM3.47 as a potential objective for the ongoing wave (v). For this bullish scenario to remain intact, we would like to see prices continue higher towards RM3.13 and maintain a close above RM3.01. While there is no guarantee that this outlook will play out, we remain constructive on SLVEST as long as prices stay above the RM3.01 level.

From a broader perspective, PJBUMI appears to be showing signs that the upside trend may have reached its terminal stage, suggesting that a top could already be in place. The recent sell-off may represent the early phase of a new downtrend. While this view may prove incorrect, the current price structure favors a bearish outlook, which remains our preferred scenario at this stage. We will continue to monitor the price action for further confirmation.

MNHLDGS closed higher and registered a new all-time high. We remain bullish on the stock and continue to target RM2.80 for Wave (v) of ((iii)). While the exact path may vary, our broader Elliott Wave outlook suggests that Wave ((iii)) should extend and exceed the length of Wave ((i)), supporting the case for further upside. As such, we remain constructive on MNHLDGS and expect the prevailing uptrend to continue.

PWRWELL recorded a fresh all-time high this morning, reinforcing the prevailing bullish trend. Should prices close at or above this new high, we anticipate further upside towards wave (iii) target of RM10.915, as projected by Fibonacci expansion shown above.

A bottoming process may take time to develop. CAPITALA appears to be forming a base, with a potential wave ((iv)) currently in progress. The stock has retraced approximately 50% of its previous advance, aligning with the 0.50 Fibonacci retracement level. If the triangle base formation is nearing completion, a breakout above RM0.48 could trigger a rally towards RM0.61. We are closely monitoring the price action and believe that Wave ((iv)) may be approaching its terminal stage. As long as prices remain above RM0.355, the potential for a higher move remains intact.

Disclaimer: All of our analysis and market discussions are intended strictly for educational and informational purposes only. Our Elliott Wave (EW) assessments are used primarily to study and track investor psychology through market structure and price behavior. As markets are probabilistic in nature, some of our projections may play out successfully while others may fail. Therefore, we do not encourage, recommend, or permit any individual to make trading or investment decisions solely based on our views, analysis, or wave counts. The purpose of our work is merely to demonstrate how Elliott Wave analysis may help in assessing potential market direction from a probabilistic perspective, and not as a guarantee of future outcomes. Market conditions can change unexpectedly, and all trading and investment activities involve risk. TheGM MSTA CEWA 01June 2026

Last month, we highlighted the potential bullish outlook for the FBM70 Index relative to the FBMKLCI. The bullish engulfing pattern formed near the 23.6% Fibonacci retracement level signaled a likely bottom, and the FBM70 has since continued to outperform the KLCI Index. This is an encouraging development. Despite the weakness in the broader KLCI this month, financial market participants (FMPs) have shifted their attention toward selected stocks within the FBM70 constituents, providing support to the broader market segment.

‎Sent from ‎WhatsApp wa.me/+60126733264?source=exsh

PWRWELL Update: Extension Scenario Remains Positive PWRWELL may still be moving in an extended bullish wave. The recent shallow pullback suggests that the uptrend remains strong with no major signs of capitulation. If this view is correct, prices could soon break above the previous all-time high at RM0.82 and potentially move towards the psychological RM1.00 level. However, market sentiment and broader bearish conditions may still cap the upside, especially if panic selling emerges among fund managers. For now, we remain optimistic on PWRWELL and continue to look for higher prices towards RM1.00 if momentum stays supportive.

Announcement I am currently busy assisting my students in trading FCPO and preparing slides for my upcoming class. As a Marketing Representative holding dual licensing, anyone interested in trading FCPO may contact me directly. Alhamdulillah, two of my students have shown good improvement in their trading performance. My first student started with RM10,000 and has grown the account to RM15,580, a gain of 58.8%. My second student started with RM27,000 and has increased the account to RM34,141, up by 26.4%. Attached are the trading journal of one student and the total equity growth of the second student. Both are doing well, InsyaAllah. I always remind my students that on every entry, “try not to be wrong,” as advised by Larry Williams, who famously turned USD10,000 into USD1.1 million. For those interested in learning or trading FCPO, feel free to contact me. My next class is scheduled for July this year.

On February 10, we informed subscribers about the likelihood that GDB could stage a rally. As of yesterday, prices were already approaching the upper trendline target. In our view, this rally appears to be driven more by market operators or syndicated activity rather than genuine long-term investor participation. If the rally were supported by stronger fundamentals or attractive valuations, then the price appreciation would be less questionable. Therefore, traders should remain cautious and monitor the sustainability of the current upward momentum closely.

Quick Update - SLVEST If the correction for wave (iv) ended at RM2.54, the recent rebound could mark the beginning of wave (v) up. If this scenario is correct, a breakout above RM2.93 may become possible. By measuring the entire length from the low of wave (c) of ((iv)) at RM1.82 low to the RM2.93 high, we derived at a potential upside target around RM3.13, provided prices successfully break above RM2.93. While this analysis remains probabilistic and may not fully play out, we expect the rebound that started since last Friday to continue in the near term. TheGM MSTA CEWA 25 May 2026

PEKAT Showing Early Signs of Potential Reversal We have been monitoring PEKAT closely since our last update. So far, prices remain resilient around the current level with no major signs of capitulation. The recent pullback has also been shallow, suggesting the overall structure remains defensive. A possible mean reversion setup is now emerging as the ADO indicator touched the lower band. The recent decline with higher volume may also signal a volume climax, which could hint at a potential reversal. If prices recover above RM1.69 towards RM1.72, it may suggest that wave (iv) ended at RM1.11, making our previous wave (a) count invalid. For confirmation, we would like to see PEKAT close firmly above RM1.72. While there is no guarantee the reversal will play out, several indicators together with the recent bullish engulfing pattern continue to support the possibility of further upside. TheGM MSTA CEWA 25 May 2026

Herding means investors or traders follow what the majority is doing instead of making independent decisions. People buy because others are buying, or sell because others are selling, often driven by fear or greed. For example: Everyone is buying a hot stock. A trader joins in because “everyone else is making money.” This is herding behavior. Another example: During a market crash, many investors panic and sell together simply because others are selling. Why herding is dangerous: Herding can create bubbles, increase market volatility and lead investors to make emotional decisions.