FCPO. Aiming higher.
Continuing from our previous analysis (click above image), which alerted us to the probability of a bull trap, the price moved and created a false breakout, then traded back lower to the extreme low swing, thereby confirming the bull trap.
Currently, we observe an initial movement to the upside with strong momentum, suggesting that wave 4 may have reached its bottom.
Our focus is now shifting to the upside, and we expect to see a rally in a motive structure. The invalidation for this idea is set at 3849, where we consider this could be the end of wave 4. The downside movement is limited to this level for this idea.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.