FCPO: Hourly EW Count - Dec 12th 2018Recent bullish momentum was short lived after FCPO failed to break the 2055 - 2060 zone. As of now, FCPO seems to trade within a contracting triangle. Our primary projection of an expanded triangle looks bleak, but valid nonetheless. With no fundamental element to entice market to climb higher, the last bullish leg (wave c of (e)) of the expanding triangle is likely to develop under the pretext of contract roll over. It holds true, if and only if, FCPO is traded until the end of this week within the range, bound by the upper and lower lines of the converging triangle.
That being said, it is essentially important to note that a symmetrical contracting triangle is a continuation pattern, so a strong bearish momentum can fully develop right off the bat.
We will take a closer look at the following area as market unfolds.
1965 - 1970
#analysis #12Dec18
