Still waiting for evidence showing wave 3 has bottomed.
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...
FCPO 1 HOUR CHART ANALYSIS - INTRADAY Expecting price to go lower to complete the final wave 5 cycle.
TECHNICAL ANALYSIS: 1) BEARISH DIVERGENCE FORMING BETWEEN UPTREND ON CPO PRICE & DOWNTREND ON RSI 2) REBOUNCE ON DOWNTREND LINE FUNDAMENTAL ANALYSIS: 1) SGS/AMSPEC 1-20TH EXPORT DATA SHOWS SLOWER DEMAND. 2) STRONGER SEASONAL PALM OIL OUTPUT. 3) DOWNTREND ON OVERNIGHT TRADES ON CBOT SOYOIL & RDB PALM OLEIN
Market is within sideways. Possible accumulation in progress. There are two possible could happen: 1. Market breach 2410 and went down, or 2. Market breach 2464 and went up. Currently, FCPO market stay within the support zone. Look alike traders waiting for some great move possibly made by the "shark" . Most retail traders will wait for this in order to predict...
let wait for break out sign to LONG the FCPO. weekly chart, expecting another 2weeks time.
Price move upward as retracement wave 4, indicator exhibit extreme oversold. Price head back to supply zone (2420-2440) before proceed to move downward
Based on the daily stochastic indicator, we see that today is lowest since 2013. Maybe expect of reversal soon.
Wave 3 achieved the 2.618 target. Wave 5 possible to peak at 2575 area.
Now just completing its sideway flat correction. Most probably commence to the 3rd wave up of Impluse waves. Cheers.
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.
hold Palmoil long is a go: -all primed for a launch, ichi nice and fat, higher low, buy indication.