FCPO 11.07.2018
Preferred Count: Continue bearish after retracement
1. Lower to complete wave 5.
2. Interesting level around 2300 area for pull back projection.
3. Key level = 2348 must hold for this preferred count.
Alternate Count: Wave 5 of C of E completed and bottomed.
1. Wave 5 of C of E (refer to daily chart) has completed as the chart is telling us, we can see a clear 5 sub-wave structure for wave 5 in the daily chart (starting point of wave 5 = 2498).
2. As we can see, the last leg, wave 5 of 5 has met the requirement i.5 sub wave ii. reach wave 3 low.
3. Daily chart analysis.
- 1) Price action is showing that buyer won the yesterday trading session.
- 2) The highest trading volume in this wave cycle.
- 3) Decreasing in momentum.
- 4) Divergence between momentum peak for sub wave and also in one degree higher wave.
4. Key level = 2348, alt become preferred if key level breach.
Preferred Count: Continue bearish after retracement
1. Lower to complete wave 5.
2. Interesting level around 2300 area for pull back projection.
3. Key level = 2348 must hold for this preferred count.
Alternate Count: Wave 5 of C of E completed and bottomed.
1. Wave 5 of C of E (refer to daily chart) has completed as the chart is telling us, we can see a clear 5 sub-wave structure for wave 5 in the daily chart (starting point of wave 5 = 2498).
2. As we can see, the last leg, wave 5 of 5 has met the requirement i.5 sub wave ii. reach wave 3 low.
3. Daily chart analysis.
- 1) Price action is showing that buyer won the yesterday trading session.
- 2) The highest trading volume in this wave cycle.
- 3) Decreasing in momentum.
- 4) Divergence between momentum peak for sub wave and also in one degree higher wave.
4. Key level = 2348, alt become preferred if key level breach.
Comment:
Continue lower to finish wave 5
