Overall FCPO sentiment is still bearish. Extended wave iii is expected to terminate around 2190 - 2205. With a few Fibonacci levels around the 2200 psychological level (as well as being a significant SNR), the parallel channel should hold and we should see a small retracement upwards (wave iv). If that is the case, the best position to join the bearish ride is...
Overall trend is still downward. Scenario #1 Wave iv has completed (or still in progress). Should wave iv is still in progress, the upward movements should be limited to 2287 - 2297 area. Scenario #2 Price is moving downwards within the channel, creating an extended wave iii. Price could go down until 2180 - 2210 before some retracement (wave iv) ...
Key level = 2348 Key level must hold for this bearish idea
I have laid out 2 possible movements for today as depicted in the chart. The downwards EW count is merely a projection and will be updated accordingly from time to time as the market gradually unfolds. Entries Short #1: 2297 - 2305 (Stoploss around 2310) Short #2: 2320 - 2329 (Stoploss around 2335) Alternate count (major upwards movement) can be technically...
Short entry : Confluence area around 2320 - 2330 Stop loss : 2335 Price needs to cross below 2289 and 2270 in order to rule out alternate count.
Primary count : Last Friday, the 2348 level which corresponds to 0.5 retracement of wave (iii) had given an outright rejection to the market. Interestingly, the 2340 level which corresponds to 2.618 projection of wave (a) managed to stand the second day attempt as well. The perfect confluence between this invisible resistance area (2340 to 2350) and the previous...
Key level = 2348.00 For this idea, key level will be the invalidation level. There area still possibility that wave 4 still not completed its cycle and expect another top created.
Primary count: FCPO is expected to move further downwards if it manages to break the (2300 - 2315) area and if it succeeds to maintain below 2300 level. The chance gets even better if price is able to cross the 2289 invalidation point. Alternate count: Price may respond at the (2300 - 2315) area and moving higher to the next supply /gap zone at around (2378 -...
On a monthly chart, EW count suggests FCPO is consolidating within the 5 - wave triangle (dating back to 2008) with the price is still moving further down south to complete the fifth wave (E). FCPO is expected to move towards the rock bottom area of 2080 - 2130 before bouncing upwards
Waiting for wave 4 to complete, looking for bearish setup.
Preferred view: Target area for wave 4 cycle completion will be around 2300 - 2320. Alternate view: Trading below 2275 will give a good indication that wave 4 is already in place. Let the market decide. Happy trading guys!
waiting for opportunity to short with wave 5
FCPO still in the process of completing the wave 3 cycle. Yesterday sideway movement support the idea of wave 4 is in progress. Waiting for opportunity to go short on wave 5.
Price declining from 2455 in 5 wave structure could be an indication telling us that wave 3 is going to end in near future, it is too early to say that wave 3 is already ended as there is still possibility of wave 3 extension to happen. Expecting a sharp correction wave 4 and price to re visit 2320 area, that will be the 38.2% fibo level and also the previous wave...
FCPO 1 HOUR CHART ANALYSIS - INTRADAY Expecting price to go lower to complete the final wave 5 cycle.