eches

eches

Decision area : 27.60 - 27.70 1. In order to bolster the ending diagonal idea (as per ZL analysis on July 8th 2019), price needs to trade way below 27.54 2. If price is not able to decisively pierce through the decision area, the 3-drive pattern may unfold. #contengconteng #zl #soybeanoil

eches

An ending diagonal could be voided if ZL further develops into a 3-drive pattern. #contengconteng #zl #soybeanoil

eches

An ending diagonal is likely currently developing. #contengconteng #zl #soybeanoil

eches

Weekly demand zone between 1863 - 1953 is being tested yet again. A small overshoot of wave 5 (circle) below 1940 is expected rather than a truncation with dashed line governing the extreme. Any strong movement below dashed line or 1900 price level will require a recount. #contengconteng #fcpo #crudepalmoil

eches

Recent bullish momentum was short lived after FCPO failed to break the 2055 - 2060 zone. As of now, FCPO seems to trade within a contracting triangle. Our primary projection of an expanded triangle looks bleak, but valid nonetheless. With no fundamental element to entice market to climb higher, the last bullish leg (wave c of (e)) of the expanding triangle is...

eches

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...

eches

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...

eches

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...

eches

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...

eches

Overall, FCPO has almost reached the end of wave © of (e) (4) ( primary count ) or the end of wave © of (ii) of (5) ( alternate count ). Market can now, at any time, slide all the way down to find new low assuming no complex correction or no truncation along the way. That being said, we still reserve our opinion that FCPO may have not peaked just yet. From EW...

eches

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...

eches

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...

eches

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...

eches

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...

eches

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 –...

eches

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...

eches

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...

eches

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...