FCPO: Hourly EW Count - Aug 14th 2018

13 авг. 2018 г.

In 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).