breaking the key level from previous analysis is a clear signal that wave 4 still developing. Possibility of wave to form a triangle correction, expecting price will move in 3 structure for wave d. What come next after triangle? hehe. be happy if you see a triangle pattern on chart Downward is still the path of least resistance.
FCPO has reached the extreme upper channel (dotted) at 2265 price level during previous session and is expected to make its way downwards. That being said, we cannot rule out that the correction phase is not over yet. On hourly chart, we can see a possible A-B-C-D-E triangle, governed by the red lines, is currently forming. If price manages to cross below the...
At hourly chart, there is a strong indication that wave (4) is developing into a 5 sub-wave triangle (the a-b-c structure can be clearly seen in each sub-wave). The structure looks complete (wave (5) is about to begin) but we are expecting FCPO to make its final touch at the supply zone (2240 - 2260) before it starts its journey further down south. The uptrend...
At weekly chart, FCPO is about to complete wave (4) and we are expecting wave (5) to start developing this week or early next week. Wave (4) development is quite evident by looking at the sluggish nature of price movement (compression), bound by converging red triangle (rising wedge). Wave (4) is expected to complete around 2240 - 2260 with maximum retracement at...
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):...
Key level = 2233 Expecting price to start declining in motive pattern to the 2088 area for wave 5. If wave 4 already complete, then the price has no business to go above key level at 2233. Trading below 2176 add support to the idea that wave 4 has topped. Happy Trading!
Key level = 2176 Expended Flat in action. Key level must hold for this short term bullish idea.
Prefer View: Expecting bounce in price this week before going lower for last leg of wave 5 Alt View: Wave E of triangle (weekly TF) completed, trend reversal begin. breaking 2348 level in rising 5 wave structure will support the idea of trend reversal.
FCPO 26.07.2018 What is a 'Bear Trap' A bear trap is a false signal as the market create new extreme, in bear trap case, the market create new lower low. A bear trap prompts traders to place sell short positions as they are expecting the market to continue moving downward after the breakout of previous lower low. From Elliott Wave perspective, bull/bear trap...
Wave (c) of (x) is expected to terminate around 2157 - 2166 If opening price is below 2157 (gap down), an expanded flat correction is expected with termination of wave (c) of (x) is around 2121 - 2129 If opening price is above 2190 (gap up), 2230 level is within reach
EW Count (Black): The 3-drive pattern failed to materialize as FCPO slid lower during early session last Friday before it gathered bullish momentum towards the end of session, retesting the broken lower channel (red). Uptrend will resume and is expected to reach the 2240 - 2260 area (supply area), should it is able to break the 2206 and 2220 levels. We should...
BLUE = REGULAR FLAT / EXPENDED FLAT / IRREGULAR FLAT Beware of bear trap if expended/irregular flat in action. RED = TRIANGLE GREEN = TREND REVERSAL Happy Trading!
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...
Assalamualaikum and Hi Traders! For FCPO, i still waiting for a clear signal/ bearish setup to support my idea that wave 5 is started. Lets wait and see what the market has to offer us. Happy trading!
Last week, FCPO price penetrated the (2186 - 2250) area and closed in to the next weekly demand zone (2089 - 2132) in a decisive manner; a clear manifestation of wave iii. FCPO is expected to respond to this area early this week for a technical rebound (wave iv) and should be moving upwards in a corrective fashion. The acceleration channel (so does the Fibonacci...
Weekly EW count indicates FCPO is currently at wave V of (c). Next week we could see market will attempt to pierce through the demand zone (2186 - 2250) amid the trade war tension between the US & China. The price could edge up slightly in the early week though; buoyed with weaker Ringgit Malaysia. The seasonal cycle of palm plantation is expected to ramp up the...
FCPO 11.07.2018 Preferred Count: Continue bearish after retracement 1. Lower to complete wave 5. 2. Interesting level around 2300 area for pull back projection. 3. Key level = 2348 must hold for this preferred count. Alternate Count: Wave 5 of C of E completed and bottomed. 1. Wave 5 of C of E (refer to daily chart) has completed as the chart is telling us, we...