Figure 1. Elliot Wave (Daily Chart)
Base on the elliot wave principle, we are at point c of the elliot wave. Take note that in a-b-c wave of elliot wave, point b will not go higher than point 5. And this is usually a BULL TRAP. After wave c is a long rally upward (Wave 1).
Figure 2. Elliot Wave (Weekly Chart)
Looking at our weekly chart of MEG, it can be clearly seen that we are just at the first pullback to our action zone. MEG still has a long way to go, for me MEG is a very good stock to accumulate for the long term for it is cheap at its current price and also it is undervalued among its property group.
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