FCPO, retracement or reversal?
Updated
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.
Note
Continue lower to finish wave 5
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.