Market tried to trade lower for 2 consecutive days but was repelled by the demand / confluence zone (2214 - 2227). In both sessions market was closed near the bottom of the zone, suggesting the area may already be weakened and is not able to catapult market to trade higher.
Scenario #1
Assuming this morning market opens within the vicinity of the previous close, it may slide lower towards the new confluence area between 2201 and 2208 before rallying upwards. In this scenario, a new high at 2265 - 2278 is still within reach in order to complete the E leg of wave (4).
Scenario #2
Market may open lower and is able to break the lower channel as well as violates the harmonic bearish level (2192). If FCPO is able to trade lower and maintain below 2192, it is tilted to the bearish dominance. It will effortlessly trade lower to the next demand zone (2164 - 2180) before finding some real resistance over there. Moving forward, we may see some retracement to the 2214 - 2227 before it continues to move further down south.
We will see what market offers us today.
Scenario #1
Assuming this morning market opens within the vicinity of the previous close, it may slide lower towards the new confluence area between 2201 and 2208 before rallying upwards. In this scenario, a new high at 2265 - 2278 is still within reach in order to complete the E leg of wave (4).
Scenario #2
Market may open lower and is able to break the lower channel as well as violates the harmonic bearish level (2192). If FCPO is able to trade lower and maintain below 2192, it is tilted to the bearish dominance. It will effortlessly trade lower to the next demand zone (2164 - 2180) before finding some real resistance over there. Moving forward, we may see some retracement to the 2214 - 2227 before it continues to move further down south.
We will see what market offers us today.