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FCPO: Weekly EW Count 08Aug18

Crude Palm Oil Futures (MYX:FCPO1!)  
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MYX:FCPO1!   Crude Palm Oil Futures
Supply and Demand Fibonacci Elliott Wave ewcount fcpoelliottwave fcpo
5
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supplyanddemand fibonacci elliottwaves ewcount fcpoelliottwave fcpo
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 2275 (0.386 retracement of wave (3)).

Please refer to FCPO: Monthly EW Count for overall Elliott Wave mapping.
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