FCPO: Hourly EW Count - Sep 7th 2018
We are currently looking at the development of wave c of (4) of (c). Under further scrutiny (TF 15), the 5-wave structure is hardly seen (it hasn't fully developed). Depending on how it unfolds today, the correction wave may terminate around 2265 – 2272 or around 2250 – 2260 area before it starts to rally again.
Apparently, wave (3) of (c) is an extended one as it terminated @ 2.618 extension. With that in mind, we assume wave (5) of (c) has an equal length of wave (1) of (c).
Based on the analysis, FCPO may gain bullish momentum again but the rally will be limited by the confluence area (2300 – 2310). At the end of the day, we will see either a truncation or a small overshoot of wave (5) of (c).
Upside limit
As we can see, the upper channel line that governs the extreme high of wave (4) has been diverging from both confluence area (2300 – 2310) and the invalidation level (2324). If FCPO is able to touch the upper channel line or the invalidation level is violated, it may suggest that the next major downtrend will be limited to a certain extent.
We will see what market offers us today. #analysis #07Sep18
Apparently, wave (3) of (c) is an extended one as it terminated @ 2.618 extension. With that in mind, we assume wave (5) of (c) has an equal length of wave (1) of (c).
Based on the analysis, FCPO may gain bullish momentum again but the rally will be limited by the confluence area (2300 – 2310). At the end of the day, we will see either a truncation or a small overshoot of wave (5) of (c).
Upside limit
As we can see, the upper channel line that governs the extreme high of wave (4) has been diverging from both confluence area (2300 – 2310) and the invalidation level (2324). If FCPO is able to touch the upper channel line or the invalidation level is violated, it may suggest that the next major downtrend will be limited to a certain extent.
We will see what market offers us today. #analysis #07Sep18
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