Get started

Tmt7

FCPO, retracement or reversal?FCPO 11.07.2018 Preferred Count: Continue bearish after retracement 1. Lower to complete wave 5. 2. Interesting level around 2300 area for pull back projection. 3. Key level = 2348 must hold for this preferred count. Alternate Count: Wave 5 of C of E completed and bottomed. 1. Wave 5 of C of E (refer to daily chart) has completed as the chart is telling us, we can see a clear 5 sub-wave structure for wave 5 in the daily chart (starting point of wave 5 = 2498). 2. As we can see, the last leg, wave 5 of 5 has met the requirement i.5 sub wave ii. reach wave 3 low. 3. Daily chart analysis. - 1) Price action is showing that buyer won the yesterday trading session. - 2) The highest trading volume in this wave cycle. - 3) Decreasing in momentum. - 4) Divergence between momentum peak for sub wave and also in one degree higher wave. 4. Key level = 2348, alt become preferred if key level breach.
MYX:FCPO1!Short
by pengiran-