SHORT DAILY R2 : 2253 TP 2248 SL 2258 SHORT DAILY R1 : 2212 TP 2207 SL 2217 LONG DAILY R1 : 2180 TP 2185 SL 2175 LONG DAILY R2 : 2139 TP 2144 SL 2134 All trading strategies are used at your own risk. This analysis is provided as general market commentary and does not constitute investment advice.
FCPO price at monthly base trend line after reversing up from the weekly base trend line last week. Bullish momentum may continue into August for the next monthly candle. Shorter time frame in Chart H1 up trend fibonacci range confirmed. Price retesting the micro trend line from chart D1. If it broke trough again, price will then continue up towards the 2238...
SHORT DAILY R2 : 2250 TP 2245 SL 2255 SHORT DAILY R1 : 2209 TP 2204 SL 2214 LONG DAILY R1 : 2177 TP 2182 SL 2172 LONG DAILY R2 : 2136 TP 2141 SL 2131 All trading strategies are used at your own risk. This analysis is provided as general market commentary and does not constitute investment advice.
Primary Count (Black): The upward count of wave C of (4) is still valid provided price does not breach through the support zone (gap) between 2164 - 2180. We should see FCPO price to descend to the retracement area (0.5 - .618) between 2170 -2179 to complete another correction (wave (y) of (2)) before gathering strength to move back up. Alternate Count (Green):...
Key level = 2233 Expecting price to start declining in motive pattern to the 2088 area for wave 5. If wave 4 already complete, then the price has no business to go above key level at 2233. Trading below 2176 add support to the idea that wave 4 has topped. Happy Trading!
Entry Price TP SL SHORT Daily R2: 2254 2249 2259 SHORT Daily R1: 2223 2218 2228 LONG Daily S1: 2199 2204 2194 LONG Daily S2: 2168 2173 2163 All trading strategies are used at your own risk. This analysis is provided as general market commentary and does not constitute investment advice.
Entry Price TP SL Daily R2: 2265 2260 2270 Daily R1: 2214 2209 2219 Daily S1: 2176 2181 2171 Daily S2: 2125 2130 2120 All trading strategies are used at your own risk. This analysis is provided as general market commentary and does not constitute investment advice.
Key level = 2176 Expended Flat in action. Key level must hold for this short term bullish idea.
Prefer View: Expecting bounce in price this week before going lower for last leg of wave 5 Alt View: Wave E of triangle (weekly TF) completed, trend reversal begin. breaking 2348 level in rising 5 wave structure will support the idea of trend reversal.
FCPO 26.07.2018 What is a 'Bear Trap' A bear trap is a false signal as the market create new extreme, in bear trap case, the market create new lower low. A bear trap prompts traders to place sell short positions as they are expecting the market to continue moving downward after the breakout of previous lower low. From Elliott Wave perspective, bull/bear trap...
FCPO daily opens gap up due to fundamentals, following CBOT bullish momentum and Indonesia palm oil stockpile down m/m. Another reason of reversal was price hit the bottom trendline from Chart W1. Price may move in ranges if it reaches 0.0% level.
Price broke through Fibonacci retracement -27.2 level and bearish momentum could continue to -61.8% level before reversing back into the range. 1987 is the significant level (swing low) of the monthly chart.
Wave (c) of (x) is expected to terminate around 2157 - 2166 If opening price is below 2157 (gap down), an expanded flat correction is expected with termination of wave (c) of (x) is around 2121 - 2129 If opening price is above 2190 (gap up), 2230 level is within reach
EW Count (Black): The 3-drive pattern failed to materialize as FCPO slid lower during early session last Friday before it gathered bullish momentum towards the end of session, retesting the broken lower channel (red). Uptrend will resume and is expected to reach the 2240 - 2260 area (supply area), should it is able to break the 2206 and 2220 levels. We should...
BLUE = REGULAR FLAT / EXPENDED FLAT / IRREGULAR FLAT Beware of bear trap if expended/irregular flat in action. RED = TRIANGLE GREEN = TREND REVERSAL Happy Trading!
As per my previous analysis , FCPO is now in the corrective phase and is currently moving towards the end of completing wave iv. Scenario #1 (Black count) Wave iv is characterized by a 3 - drive pattern moving upwards, bound by the deceleration channel. The first 4 sub-waves (A, B, C and D) had already completed and we should see the completion of the final leg...