FCPO: Hourly EW Count - Jul 19th 2018
As per my previous analysis, FCPO is now in the corrective phase and is currently moving towards the end of completing wave iv.
Scenario #1 (Black count)
Wave iv is characterized by a 3 - drive pattern moving upwards, bound by the deceleration channel. The first 4 sub-waves (A, B, C and D) had already completed and we should see the completion of the final leg (wave E) by end of this week or early next week. Completing wave E is an uphill battle given the lackluster bullish elements. We shall see this morning whether weaker MYR could lend the final push to FCPO to move upwards. If that is the case, we should pay extra attention to the following zones
1. supply area /previous low structure (2237 - 2249)
2. gap area (2245 - 2259)
3. supply area (2225 - 2230)
where a complete reversal is very likely to take place.
Scenario #2 (Green count)
If bearish elements prevail and MYR poor performance could not be translated into short term bullish momentum, wave C signifies the end of wave iv (a zig zag correction terminated at 38.2% retracement of wave 3) and the final march to further down south is imminent.
Scenario #3 (Purple count)
It is a plausible projection (expanded triangle or even worse expanded flat) but I will not dwell on this idea unless it shows signs to materialize.
Scenario #1 (Black count)
Wave iv is characterized by a 3 - drive pattern moving upwards, bound by the deceleration channel. The first 4 sub-waves (A, B, C and D) had already completed and we should see the completion of the final leg (wave E) by end of this week or early next week. Completing wave E is an uphill battle given the lackluster bullish elements. We shall see this morning whether weaker MYR could lend the final push to FCPO to move upwards. If that is the case, we should pay extra attention to the following zones
1. supply area /previous low structure (2237 - 2249)
2. gap area (2245 - 2259)
3. supply area (2225 - 2230)
where a complete reversal is very likely to take place.
Scenario #2 (Green count)
If bearish elements prevail and MYR poor performance could not be translated into short term bullish momentum, wave C signifies the end of wave iv (a zig zag correction terminated at 38.2% retracement of wave 3) and the final march to further down south is imminent.
Scenario #3 (Purple count)
It is a plausible projection (expanded triangle or even worse expanded flat) but I will not dwell on this idea unless it shows signs to materialize.
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