Key level = 2348.00
For this idea, key level will be the invalidation level.
There area still possibility that wave 4 still not completed its cycle and expect another top created.
Primary count: FCPO is expected to move further downwards if it manages to break the (2300 - 2315) area and if it succeeds to maintain below 2300 level. The chance gets even better if price is able to cross the 2289 invalidation point.
Alternate count: Price may respond at the (2300 - 2315) area and moving higher to the next supply /gap zone at around (2378 -...
On a monthly chart, EW count suggests FCPO is consolidating within the 5 - wave triangle (dating back to 2008) with the price is still moving further down south to complete the fifth wave (E). FCPO is expected to move towards the rock bottom area of 2080 - 2130 before bouncing upwards
Preferred view:
Target area for wave 4 cycle completion will be around 2300 - 2320.
Alternate view:
Trading below 2275 will give a good indication that wave 4 is already in place.
Let the market decide.
Happy trading guys!
I go long with FCPO.
Buying on high if the first signal bar.
SL is place 1 tick below the signal bar.
Long Entry
Entry Price = 2269.00
Stop Loss = 2238.00
FCPO ELLIOTT WAVE DAILY CHART ANALYSIS
Complex correction of wave 4 forming WXY double combo.
Where X wave = triangle , X = 3 structure & Y = irregular flat.
For this counting, im assuming the cycle of wave 4 already complete and expecting the decline movement from 2498 to unfold into five wave movement and my next target is at 2255 area.
FCPO still in the process of completing the wave 3 cycle.
Yesterday sideway movement support the idea of wave 4 is in progress.
Waiting for opportunity to go short on wave 5.
Price declining from 2455 in 5 wave structure could be an indication telling us that wave 3 is going to end in near future, it is too early to say that wave 3 is already ended as there is still possibility of wave 3 extension to happen. Expecting a sharp correction wave 4 and price to re visit 2320 area, that will be the 38.2% fibo level and also the previous wave...
Market is within sideways. Possible accumulation in progress. There are two possible could happen:
1. Market breach 2410 and went down, or
2. Market breach 2464 and went up.
Currently, FCPO market stay within the support zone. Look alike traders waiting for some great move possibly made by the "shark" . Most retail traders will wait for this in order to predict...
Price move upward as retracement wave 4, indicator exhibit extreme oversold. Price head back to supply zone (2420-2440) before proceed to move downward
