An expanding triangle is anticipated. Price needs to travel beyond the 2078 price level to ascertain triangle formation. Wave c of (e) is likely to terminate between 2110 - 2125. Any strong violation of EW invalidation level @ 2137 could suggest the next major downtrend may be limited to a certain extent.
Market is then expected to embark on another (probably...
Last friday, market failed to seal off completely the 10-tick gap down that was formed early in the session. In fact, it was finally closed @ 2264; suggesting the confluence area between 2250 and 2260 may already have weakened.
With the current situation, the correction phase may already have peaked at 2203. To reflect with the current development, we have...
We are currently looking at the development of wave c of (4) of (c). Under further scrutiny (TF 15), the 5-wave structure is hardly seen (it hasn't fully developed). Depending on how it unfolds today, the correction wave may terminate around 2265 – 2272 or around 2250 – 2260 area before it starts to rally again.
Apparently, wave (3) of (c) is an extended one as...
Yesterday, FCPO has effortlessly bypassed the 2260 & 2265 key levels as well as the confluence area (2265 – 2278) through a 15-tick gap up. Market then edged up steadily throughout the day towards the psychological level @ 2300.
Hourly EW Count
Structure wise, the strong momentum from 2214 to 2301 is a clear manifestation of wave 3. We should see some...
FCPO hinted that it is ready to dive in after the lower channel was briefly broken on Monday evening. We hope, though, to see it is closed below the harmonic key level @ 2192 to reaffirm its bearish posture. To reflect the current development, alternate count (green) is included.
Primary count (black)
Our view remains the same; a new high around 2265 - 2278...
Market tried to trade lower for 2 consecutive days but was repelled by the demand / confluence zone (2214 - 2227). In both sessions market was closed near the bottom of the zone, suggesting the area may already be weakened and is not able to catapult market to trade higher.
Scenario #1
Assuming this morning market opens within the vicinity of the previous...
Market gives clear indications that the corrective wave (4) is currently developing when it completely violated the invalidation level (2225) ( 16thAug18 analysis ) and managed to close the gap area (2230 – 2243) ( 17thAug18 analysis ).
The 3-subwave structures are apparently seen in the first 4 waves (A, B, C & D). The final leg should have the same structure as...
There are 2 possible scenarios that we can come up with.
Scenario #1 : Wave (ii) of (5) had already completed and market should now move further down south in a decisive manner. We would like to see the lower correction channel (solid blue lines) to be broken and the gap area (2164 - 2180) to be closed. By fulfilling these 2 conditions, we can safely rule out...
Wave (i) of (5) projection is still in a good shape provided market is able trade lower; confined within the downtrend channel (dashed lines). Ideally, termination wave 3 of (i) of (5) below 2160 price level is preferred to decisively brush off any bullish attempt.
Market, however, could open higher early in the morning and may continue to edge up to the 2225 –...
During previous session, FCPO slid lower towards the demand zone (2190 - 2200) before bouncing upwards. Moving forward, the upwards momentum may be short lived and price may go downwards right away early in the morning session. A sharp fall towards the gap area is possible assuming the demand zone (2190 - 2200) that was tested yesterday has been partially or...
In my humble opinion, it is an early sign that the downtrend has just begun after market managed to break the 2220 price level during previous session. In order to ascertain its bearish dominance, market needs to break the lower channel (solid) as well as closing the gap area (2164 - 2180). If price is able to stay below 2160, it raises the probability that the...
Here's another iteration of EW count on hourly chart. If compared with the previous analysis , both share same similarity; they are converging into a triangle (a compression to be precise). If either one holds true, it is a clear indication that wave (4) is definitely going to end.
Assuming price resumes from previous close, market is expected to move upwards...
FCPO has reached the extreme upper channel (dotted) at 2265 price level during previous session and is expected to make its way downwards. That being said, we cannot rule out that the correction phase is not over yet. On hourly chart, we can see a possible A-B-C-D-E triangle, governed by the red lines, is currently forming. If price manages to cross below the...
At hourly chart, there is a strong indication that wave (4) is developing into a 5 sub-wave triangle (the a-b-c structure can be clearly seen in each sub-wave). The structure looks complete (wave (5) is about to begin) but we are expecting FCPO to make its final touch at the supply zone (2240 - 2260) before it starts its journey further down south. The uptrend...
At weekly chart, FCPO is about to complete wave (4) and we are expecting wave (5) to start developing this week or early next week. Wave (4) development is quite evident by looking at the sluggish nature of price movement (compression), bound by converging red triangle (rising wedge). Wave (4) is expected to complete around 2240 - 2260 with maximum retracement at...
Primary Count (Black): The upward count of wave C of (4) is still valid provided price does not breach through the support zone (gap) between 2164 - 2180. We should see FCPO price to descend to the retracement area (0.5 - .618) between 2170 -2179 to complete another correction (wave (y) of (2)) before gathering strength to move back up.
Alternate Count (Green):...
Wave (c) of (x) is expected to terminate around 2157 - 2166
If opening price is below 2157 (gap down), an expanded flat correction is expected with termination of wave (c) of (x) is around 2121 - 2129
If opening price is above 2190 (gap up), 2230 level is within reach
