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Fcpo!

FCPO Week 37 2024: BULLISH.The 4-hour chart indicates a strong upward price movement. An inverted head and shoulders pattern has emerged, with the price breaking above the neckline, marking the first wave of the move. This was followed by a brief consolidation phase, representing the second wave. Now, the price appears ready to resume its upward momentum, potentially forming the third wave. Watch for a breakout as this wave could push prices higher. A buy position may be considered, with a target price of 4018 for potential profit.
MYX:FCPO1!Long
by edramlan
4
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.
MYX:FCPO1!Long
by pengiran-
FCPO. REJECTION AT 38.2%.Following the guidelines in Elliott Wave Theory, "The Right Look" we adjust our wave labeling because the proportion of wave 4 is too large to fit within the subwave structure. It is a good sign that the price is rejecting decline at the Fibonacci 38.2% level. Our focus now is on the development of Wave 5. The last wave to complete the Motive cycle. Invalidation for this idea is at 3872. Refering to Elliott Wave rules for Wave 5: "Wave 5 always subdivides into an impulse or a diagonal" We would expect rallies toward the 4000 area in a classic motive wave structure. Another possible scenario to consider is the truncation of Wave 5, given that Wave 3 is an extended wave. Truncation happen when Wave 5 fail to move beyond the extreme swing high of Wave 3 Bottom line: If Wave 4 has ended and Wave 5 is in the early stages of development, any retracement is limited to the 3872 level. Trading below this level will require reassessment of the wave structure.
MYX:FCPOX2024Long
by pengiran-
FCPO. HIGHER TO COMPLETE WAVE 3 CYCLEPrice reached 2.618 fibonacci relationship compare to wave 1. Evaluation based on market structure, we see an extension wave 5 within wave (3) rally. If wave (3) has ended at fibonacci 2.618 area, we expect to see a 3 wave decline for wave (4) correction. Elliott Wave Theory: GUIDELINE OF ALTERNATION WITHIN AN IMPLUSE " If wave two of an impulse is a sharp correction, expect wave four to be a sideways correction, and vice versa. " Looking at our price chart, Wave (2) already unfold into a flat pattern and flat pattern is a side way correction. We can expect to see a sharp correction pattern for Wave (4) BEHAVIOR FOLLOWING FIFTH WAVE EXTENSIONS " ..when the fifth wave of an advance is an extension, the ensuing correction will be sharp and find support at the level of the low of wave two of the extension. Sometimes the correction ends there and sometimes only wave A ends there... Additional value is provided by the fact that fifth wave extensions are typically followed by swift retracements. " Projection area and pattern for wave (4) retracement using Elliott Wave Theory for alternation and fifth wave extension theory, expecting to see a sharp correction in wave (4) toward 3900-3880 area. Bottom line: Short term view, looking for significant retracement for a sign that wave (3) rally has ended. Long term view, we are still aiming higher to complete wave 3 cycle on a larger degree. Trading above yesterday high will required reassesment on the structure.
MYX:FCPOX2024
by pengiran-
FCPO. I AM WRONG IN MY PREVIOUS WAVE COUNT.One of the five ways the wave principle improves trading, wave analysis provides a specific point of invalidation, which is the level at which an interpretation is no longer viable. Knowing when you are wrong is perhaps a trader’s most important piece of information. Market always right, it was my previous operative wave count is incorrect. Adjusting to the current structure, wave 3 of 3 already reach 1.618 fibonacci relationship compare to wave 1. Currently, there is no sign of significant retracement that telling wave 3 of 3 is complete. For now, we still aim high. Next reasonable target is 2.618 fibonacci level where wave 3 is an extended wave. Let's see what the market will offer us for next week. Accept failure but never give up, it is part of the process to become a consistently successful trader!
MYX:FCPOX2024Long
by pengiran-
1
FCPO Week 30 2024: Slight bullish potential.Last week, it was anticipated that the price would retrace higher before moving lower. However, this did not materialize. The 3900 to 4000 range remains a critical area, with the price continuing to move within this band. Currently, forecasting the outlook is challenging, but based on recent price reactions, the market appears to favor the bulls. Next week, we will be looking for opportunities to buy, anticipating that the price will move higher. Like, comment or follow if you like to idea.
MYX:FCPO1!Long
by edramlan
1
FCPO Week 28 2024: Support retest and then higher.Last week, the price broke through the 4,000 resistance area and closed above it. However, it hasn't moved significantly higher and is currently consolidating. It's expected that the price might retest the 4,000 area before moving higher towards the 4,200 level. If the price drops significantly, the outlook could change, potentially reversing the trend. Given the short trading week, adopting a wait-and-see strategy to observe the next price action might be wise.
MYX:FCPO1!Long
by edramlan
1
FCPO Week 27 2024: still in range. Neutral.There was a slight upward movement last week, likely due to the price reacting to the support area. However, strong resistance remains at the 4,000 level. The recent bounce from support might reach this resistance and result in continued consolidation. Range traders can benefit from this environment while it persists. Trend traders, on the other hand, may prefer to wait for a significant breakthrough above the resistance or below the support levels to confirm a new trend.
MYX:FCPO1!
by edramlan
2
FCPO Week 25 2024: Still in consolidation.The price remains within its range, showing minimal movement last week. Despite expectations, it has not made any significant progress upward. The outlook suggests that the price could move higher, but it needs to close and sustain above the 4,000 level to see a substantial increase. Based on the current consolidation, we observe that the price may have formed a rounded bottom, potentially creating a cup and handle pattern with higher highs (HH) and lower highs (LH). These are positive indicators for a bullish move, but momentum is still lacking. If it is indeed going higher then the 4135 is the immediate target. If the price breaks below the LH area, it could move lower. The best approach for the upcoming week is to adopt a wait-and-see strategy, looking for confirmation of the next price movement.
MYX:FCPO1!
by edramlan
FCPO WEEK 21 2024 -Neutral for the start of the week.Price has been in consolidation mode for at least 2 weeks. Good trading weeks for range traders but definitely not good for trend traders. Will be looking for further price action early next week to further determine the direction. Price needs to close either above or lower of the resistance or support level. Overall view is still bearish based upon how aggressive the price push lower from the neckline. However a retracement higher towards the neckline is welcome for another meaningful move lower. It will also provide opportunity to go short with a much better pricing. So early next week is definitely a wait and see mode before deciding to take any trade. ✌🏼💰💵
MYX:FCPO1!
by edramlan