On a monthly chart, EW count suggests FCPO is consolidating within the 5 - wave triangle (dating back to 2008) with the price is still moving further down south to complete the fifth wave (E). FCPO is expected to move towards the rock bottom area of 2080 - 2130 before bouncing upwards
Preferred view:
Target area for wave 4 cycle completion will be around 2300 - 2320.
Alternate view:
Trading below 2275 will give a good indication that wave 4 is already in place.
Let the market decide.
Happy trading guys!
I go long with FCPO.
Buying on high if the first signal bar.
SL is place 1 tick below the signal bar.
Long Entry
Entry Price = 2269.00
Stop Loss = 2238.00
FCPO ELLIOTT WAVE DAILY CHART ANALYSIS
Complex correction of wave 4 forming WXY double combo.
Where X wave = triangle , X = 3 structure & Y = irregular flat.
For this counting, im assuming the cycle of wave 4 already complete and expecting the decline movement from 2498 to unfold into five wave movement and my next target is at 2255 area.
FCPO still in the process of completing the wave 3 cycle.
Yesterday sideway movement support the idea of wave 4 is in progress.
Waiting for opportunity to go short on wave 5.
Price declining from 2455 in 5 wave structure could be an indication telling us that wave 3 is going to end in near future, it is too early to say that wave 3 is already ended as there is still possibility of wave 3 extension to happen. Expecting a sharp correction wave 4 and price to re visit 2320 area, that will be the 38.2% fibo level and also the previous wave...
So far, market still buyer control. Boleh lihat BUY pada harga 2505-2510. Target profit 25-30 points. SL nanti update. Tak perlu risau masuk buy. Cantik market FCPO boleh fly kalau takde kacau dari Big Player.
