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Fcpo!

FCPO: Hourly EW Count - Aug 27th 2018Market tried to trade lower for 2 consecutive days but was repelled by the demand / confluence zone (2214 - 2227). In both sessions market was closed near the bottom of the zone, suggesting the area may already be weakened and is not able to catapult market to trade higher. Scenario #1 Assuming this morning market opens within the vicinity of the previous close, it may slide lower towards the new confluence area between 2201 and 2208 before rallying upwards. In this scenario, a new high at 2265 - 2278 is still within reach in order to complete the E leg of wave (4). Scenario #2 Market may open lower and is able to break the lower channel as well as violates the harmonic bearish level (2192). If FCPO is able to trade lower and maintain below 2192, it is tilted to the bearish dominance. It will effortlessly trade lower to the next demand zone (2164 - 2180) before finding some real resistance over there. Moving forward, we may see some retracement to the 2214 - 2227 before it continues to move further down south. We will see what market offers us today.
MYX:FCPO1!
by eches
FCPO Price moving in channelPrice hit 2260 at the top of the trend line and reverse back into the range today. Price closed respecting the channel and the significant level at 2238 (again), and is Holiday tomorrow. Moving forward to Thursday, we may see bearish momentum pushing it towards bottom trend line and start moving in ranges, before any news / data releases that will build up any momentum. Also to observe the movement of CBOT - movement may affect the FCPO price direction.
MYX:FCPO1!Short
by kkgoh87
FCPO: Hourly EW Count - Aug 20th 2018Market gives clear indications that the corrective wave (4) is currently developing when it completely violated the invalidation level (2225) ( 16thAug18 analysis ) and managed to close the gap area (2230 – 2243) ( 17thAug18 analysis ). The 3-subwave structures are apparently seen in the first 4 waves (A, B, C & D). The final leg should have the same structure as well in order to complete the correction phase. If new high is formed, it will be limited by the supply zones (2252 - 2262 & 2265 -2275) and the extreme high of wave (4) will be governed by the established upper channel (solid blue line). 2 possible scenarios can be deduced as far as Elliott Wave is concerned. In the first scenario, market may attempt to reach new high at the supply zone (2252 - 2262) before trading lower to the demand zone (2214 - 2227). Market will then may make the final push upwards to complete wave (4). In the second scenario, we anticipate market to trade lower before moving upwards. If market is able to break lower channel (solid blue line) and close the gap area (2164 - 2180) in a decisive manner, it signifies wave (4) had already terminated at 2265 price level and wave (5) is currently unfolding. A recount will be required in this case to reflect the change of direction. Likewise, a recount is needed if market is showing a resolved movement upwards, breaking the upper channel. We will see what market offers us today.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Aug 17th 2018There are 2 possible scenarios that we can come up with. Scenario #1 : Wave (ii) of (5) had already completed and market should now move further down south in a decisive manner. We would like to see the lower correction channel (solid blue lines) to be broken and the gap area (2164 - 2180) to be closed. By fulfilling these 2 conditions, we can safely rule out that bullish momentum has finally run out of steam. Scenario #2 : As of now, the correction structure of wave (ii) of (5) is hardly recognized. We prefer to assume that wave (ii) of (5) is currently unfolding and is expected to develop into a simple zigzag. In this preferred scenario, market should trade lower to the golden retracement area (2203 – 2205) before making the final push to reach new high at the fresh confluence zone (2233 - 2238). Bear in mind, the gap area between 2221 - 2243 cannot be breached. If market pulls off to close the gap area, it is very likely that wave (4) is still progressing.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Aug 16th 2018Wave (i) of (5) projection is still in a good shape provided market is able trade lower; confined within the downtrend channel (dashed lines). Ideally, termination wave 3 of (i) of (5) below 2160 price level is preferred to decisively brush off any bullish attempt. Market, however, could open higher early in the morning and may continue to edge up to the 2225 – 2230 area before trading lower eventually. Please note, a continuous violation of invalidation level (2225) may indicate a renewed bullish momentum. Failing to break lower correction channel (solid blue lines) or failing to close below 2180 price level by end of this week may indicate the correction of wave (4) is still on the cards. If that is the case, market could transpire into 3-drive pattern or ascending triangle in the coming weeks. We will see what market offers us today.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Aug 15th 2018During previous session, FCPO slid lower towards the demand zone (2190 - 2200) before bouncing upwards. Moving forward, the upwards momentum may be short lived and price may go downwards right away early in the morning session. A sharp fall towards the gap area is possible assuming the demand zone (2190 - 2200) that was tested yesterday has been partially or completely consumed. A strong and solid fall is a clear manifestation of unfolding wave 3 of (i) of (5). We, however, expect FCPO to continue to edge up until it reaches the supply zone (2225 - 2230) before it starts to move downwards. If market succeeds to stay above 2225 - 2230 area by end of the day, we may see a new high forming tomorrow (thanks to the new spot month contract). The new top will be limited by confluence area (2265 - 2275) and its extreme high will be governed by the upper channels (dotted and solid lines). We will see what market offers us today.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Aug 14th 2018In my humble opinion, it is an early sign that the downtrend has just begun after market managed to break the 2220 price level during previous session. In order to ascertain its bearish dominance, market needs to break the lower channel (solid) as well as closing the gap area (2164 - 2180). If price is able to stay below 2160, it raises the probability that the market will slide further down at faster rate. In order to maintain this bearish posture, the upside should be limited to 2225 - 2230 area (a perfect sell spot). The correction of wave (4) is not over yet if it manages to stay above 2190 - 2200 area. November18 contract and October18 contract differ by almost 25++ ticks. If market is able to stay around 2230 - 2240 in the next couple of days, price will effectively hover around 2250 - 2260 on a continuous chart (FCPO-CC) on Thursday session. If this scenario prevails, a new high could possibly be formed, thus a possible triangle of wave C of (4).
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Aug 13th 2018Here's another iteration of EW count on hourly chart. If compared with the previous analysis , both share same similarity; they are converging into a triangle (a compression to be precise). If either one holds true, it is a clear indication that wave (4) is definitely going to end. Assuming price resumes from previous close, market is expected to move upwards but limited; capped by the new confluence area (2268 - 2277) and is bound by the upper channel. Date range is used to better gauge the extreme high market could go before it starts descending. If the compression is actually taking place and it is to be completed within 2 days (12 bars), the maximum price would be 2290. Any solid price movement crossing 2290 - 2300 area will require a recount.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Aug 9th 2018FCPO has reached the extreme upper channel (dotted) at 2265 price level during previous session and is expected to make its way downwards. That being said, we cannot rule out that the correction phase is not over yet. On hourly chart, we can see a possible A-B-C-D-E triangle, governed by the red lines, is currently forming. If price manages to cross below the 2210 - 2220 area (breaking the previous low structure and breaking the lower red line) and slip past the 2175 - 2190, we can assume that bearish momentum starts to gain the upper hand. Today, FCPO may move in a range-bound as everyone is eagerly waiting for MPOB report to be released tomorrow afternoon. We will see whether the report can give the heavy lifting for the downtrend.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Aug 8th 2018At hourly chart, there is a strong indication that wave (4) is developing into a 5 sub-wave triangle (the a-b-c structure can be clearly seen in each sub-wave). The structure looks complete (wave (5) is about to begin) but we are expecting FCPO to make its final touch at the supply zone (2240 - 2260) before it starts its journey further down south. The uptrend will be limited by the supply zone (2240 - 2260) and is bound by the upper channel (dashed lines). Should alternate count (green) comes into play, wave (4) may retrace up to 2270 - 2276 area. Note: 2275 is the 0.386 retracement of wave (3). For the sake of clarity, please refer to FCPO: Weekly EW Count .
MYX:FCPO1!
by eches
FCPO: Weekly EW Count 08Aug18At weekly chart, FCPO is about to complete wave (4) and we are expecting wave (5) to start developing this week or early next week. Wave (4) development is quite evident by looking at the sluggish nature of price movement (compression), bound by converging red triangle (rising wedge). Wave (4) is expected to complete around 2240 - 2260 with maximum retracement at 2275 (0.386 retracement of wave (3)). Please refer to FCPO: Monthly EW Count for overall Elliott Wave mapping.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Aug 3rd 2018Primary 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): If price manages to close the gap area, it suggests the bull run has probably ended (wave C of (4) had terminated at 2233 price level)
MYX:FCPO1!
by eches
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FCPO WAVE 4 EXPENDED FLATFCPO 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 occur in the case of complex correction wave, expended/irregular flat, running horizontal triangle or combination of double three/triple three. Harap anda belajar sesuatu dari perkogsian kali ini. tayor sayor!
MYX:FCPO1!Short
by pengiran-