FCPO: Hourly EW Count - Aug 3rd 2018
Updated
Primary Count (Black): The upward count of wave C of (4) is still valid provided price does not breach through the support zone (gap) between 2164 - 2180. We should see FCPO price to descend to the retracement area (0.5 - .618) between 2170 -2179 to complete another correction (wave (y) of (2)) before gathering strength to move back up.
Alternate Count (Green): If price manages to close the gap area, it suggests the bull run has probably ended (wave C of (4) had terminated at 2233 price level)
Alternate Count (Green): If price manages to close the gap area, it suggests the bull run has probably ended (wave C of (4) had terminated at 2233 price level)
Note
CORRECTION: The sub-wave for alternate count of wave C is incorrectly labeled (it should have 5-wave structure). A-B-C (green) should be labeled as (W-X-Y) to conform with Elliott Wave rules.Note
At lower timeframe (TF 15), compression (red channel) is forming, suggesting another attempt to break through the gap zone. Market needs to break through the 2200 and 2215 price levels to maintain bullish posture.
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