$JSEAFT - Afrimat: Leading Diagonal A Base For Bullish Outlook
See link for previous analysis.
Afrimat used to be a one-way steam train but the stock has lost its momentum since peaking at an all time high in April of 2022.
A 43% bear market saw the stock decline from 7647 to 4366 cps.
What we have seen from the 4366 low is a sequence of higher highs and higher lows with strong overlaps in the price swings.
From an Elliott Wave perspective, this is consistent with a leading diagonal.
This leading diagonal is in its fifth and final wave so I am anticipating a three wave pullback before looking to join the bulls.
For this outlook to remain valid, the correction must terminate above 4366.
Afrimat used to be a one-way steam train but the stock has lost its momentum since peaking at an all time high in April of 2022.
A 43% bear market saw the stock decline from 7647 to 4366 cps.
What we have seen from the 4366 low is a sequence of higher highs and higher lows with strong overlaps in the price swings.
From an Elliott Wave perspective, this is consistent with a leading diagonal.
This leading diagonal is in its fifth and final wave so I am anticipating a three wave pullback before looking to join the bulls.
For this outlook to remain valid, the correction must terminate above 4366.
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