Malaysian Crude Palm Oil Futures to expect falls below RM3800Hello there, it's been awhile since my last published. My apologies for not being actively in publishing the idea like i did before in 2020. Hope you guys are doing good.
Anyways just to update to you guys, im curently studying & practicing Elliot Wave from EWI (google it) since feb 2021. Was a candidate of CEWA examination LVL1 and right now im looking forward for LVL2&3 examinations & highly dedicated to get my CEWA-M to be the first one in Malaysia(May God wills). And ofcourse ! to contribute back to the society.
Okay, lets take a look in FCPO.
Based on what i have seen & following the FCPO movement since middle of jan 2022, this is what i found;
1. The current movement is in the Corrective Mode or inside the primary wave.
2. Apart from that, A & B wave have been terminated and right now are moving in C direction.
3. When we take a look in the extensions of wave 3 (intermediate), are moving in the guidelines in what we called as "Channeling"
- we can see in wave 4(minor), the price slightly move beyond the channel trendline.
- Based on the guidelines, we are expecting wave 5(minor) will terminates beyond the trendline channel below in what we called as "throw over"
- When the fifth minor terminates, then we can concluded wave 3(intermediate) will also terminates.
The next wave 4 in Intermediate Wave
1. We were expecting the movement will be in alternate waves (Well, the harmonic traders love that so much ! Cause it is the time to maximize our profits through up-side-down of the price)
To conclude, we can say FCPO has the ability to moves downwards and next... in the flat(sideways) direction for a while before beginning the new bullish wave in motive primary.
I could be wrong. But please just use it as an idea for you to analyze the market.
Stay safe, save cash & trade at your own risk.
