FCPO: Hourly EW Count - Sep 3rd 2018
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 point of view, wave © of (e) of (4) or wave © of (ii) of (5) should develop into a 5-subwave structure. Apparently, it is a 3-subwave structure for the time being.
Primary Count (black)
Triangle correction - Wave © of (e) of (4) terminates around 2268 - 2275
Alternate Count (green)
Running flat correction - Wave © of (ii) of (5) terminates between 2250 - 2265
Upside limit
Extreme high of wave (4) is capped at a confluence area between 2300 – 2310 and is always governed by the dynamic upper channel. Any strong movement above this area will require a recount. Even though it is fundamentally and technically a far-fetched idea at the moment, we reiterate this for the umpteenth times to make sure we cover all bases.
We will see what market offers us this monday. #analysis #03Sep18
That being said, we still reserve our opinion that FCPO may have not peaked just yet. From EW point of view, wave © of (e) of (4) or wave © of (ii) of (5) should develop into a 5-subwave structure. Apparently, it is a 3-subwave structure for the time being.
Primary Count (black)
Triangle correction - Wave © of (e) of (4) terminates around 2268 - 2275
Alternate Count (green)
Running flat correction - Wave © of (ii) of (5) terminates between 2250 - 2265
Upside limit
Extreme high of wave (4) is capped at a confluence area between 2300 – 2310 and is always governed by the dynamic upper channel. Any strong movement above this area will require a recount. Even though it is fundamentally and technically a far-fetched idea at the moment, we reiterate this for the umpteenth times to make sure we cover all bases.
We will see what market offers us this monday. #analysis #03Sep18
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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.