FCPO: Hourly EW Count - Aug 16th 2018
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 – 2230 area before trading lower eventually. Please note, a continuous violation of invalidation level (2225) may indicate a renewed bullish momentum.
Failing to break lower correction channel (solid blue lines) or failing to close below 2180 price level by end of this week may indicate the correction of wave (4) is still on the cards. If that is the case, market could transpire into 3-drive pattern or ascending triangle in the coming weeks.
We will see what market offers us today.
Market, however, could open higher early in the morning and may continue to edge up to the 2225 – 2230 area before trading lower eventually. Please note, a continuous violation of invalidation level (2225) may indicate a renewed bullish momentum.
Failing to break lower correction channel (solid blue lines) or failing to close below 2180 price level by end of this week may indicate the correction of wave (4) is still on the cards. If that is the case, market could transpire into 3-drive pattern or ascending triangle in the coming weeks.
We will see what market offers us today.
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