FCPO hinted that it is ready to dive in after the lower channel was briefly broken on Monday evening. We hope, though, to see it is closed below the harmonic key level @ 2192 to reaffirm its bearish posture. To reflect the current development, alternate count (green) is included.
Primary count (black)
Our view remains the same; a new high around 2265 - 2278 is still possible in order to complete wave (e) of (4).
Alternate count (green)
Wave (ii) of (5) is likely to further develop into a flat correction but is restricted to a regular flat as the upper limit of the flat correction will be capped by 2265 (EW invalidation).
Bear in mind, throughout the previous session, FCPO did not manage to close above the harmonic key level @ 2235. It may signifies that the bull run will be short lived and it may continue its journey to the next demand zone (2164 - 2180).
We will see what market offers us today. #analysis #29Aug18
Primary count (black)
Our view remains the same; a new high around 2265 - 2278 is still possible in order to complete wave (e) of (4).
Alternate count (green)
Wave (ii) of (5) is likely to further develop into a flat correction but is restricted to a regular flat as the upper limit of the flat correction will be capped by 2265 (EW invalidation).
Bear in mind, throughout the previous session, FCPO did not manage to close above the harmonic key level @ 2235. It may signifies that the bull run will be short lived and it may continue its journey to the next demand zone (2164 - 2180).
We will see what market offers us today. #analysis #29Aug18