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
So far, market still buyer control. Boleh lihat BUY pada harga 2505-2510. Target profit 25-30 points. SL nanti update. Tak perlu risau masuk buy. Cantik market FCPO boleh fly kalau takde kacau dari Big Player.
