Last friday, market failed to seal off completely the 10-tick gap down that was formed early in the session. In fact, it was finally closed @ 2264; suggesting the confluence area between 2250 and 2260 may already have weakened.
With the current situation, the correction phase may already have peaked at 2203. To reflect with the current development, we have downgraded any bullish attempt of wave (5) of © of (e) of (4) into an alternate count.
Our new primary projection is based on
i) the new resistance area (pinbar) that was recently created around 2277 to 2286.
ii) the extreme confluence area (2300 - 2310) that was tested twice (barely though)
Primary count #1
Price may respond to the confluence area (2235 - 2242) before resuming to move downwards.
Primary count #2
Price will quickly trade lower; breaking the lower channel line as well as violating the EW invalidation line (alternate count).
Alternate count
We cannot rule out completely a renewed bullish attempt unless the lower channel line is broken or the EW invalidation level @ 2238 is violated.
In fact, the alternate count is quick to materialize if FCPO is opened above the confluence area (2275 - 2286) through a gap up (either morning or evening session).
P.S MPOB report is expected to be released this afternoon
We will see what market offers us today. #analysis #12Sep18
With the current situation, the correction phase may already have peaked at 2203. To reflect with the current development, we have downgraded any bullish attempt of wave (5) of © of (e) of (4) into an alternate count.
Our new primary projection is based on
i) the new resistance area (pinbar) that was recently created around 2277 to 2286.
ii) the extreme confluence area (2300 - 2310) that was tested twice (barely though)
Primary count #1
Price may respond to the confluence area (2235 - 2242) before resuming to move downwards.
Primary count #2
Price will quickly trade lower; breaking the lower channel line as well as violating the EW invalidation line (alternate count).
Alternate count
We cannot rule out completely a renewed bullish attempt unless the lower channel line is broken or the EW invalidation level @ 2238 is violated.
In fact, the alternate count is quick to materialize if FCPO is opened above the confluence area (2275 - 2286) through a gap up (either morning or evening session).
P.S MPOB report is expected to be released this afternoon
We will see what market offers us today. #analysis #12Sep18