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Fcpo!

FCPO: Hourly EW Count - Jul 23th 2018EW Count (Black): The 3-drive pattern failed to materialize as FCPO slid lower during early session last Friday before it gathered bullish momentum towards the end of session, retesting the broken lower channel (red). Uptrend will resume and is expected to reach the 2240 - 2260 area (supply area), should it is able to break the 2206 and 2220 levels. We should see a technical retracement to the 2190 - 2206 area before the market is making final attempt to reach the untested supply zone. EW Count (Green): If FCPO fails to break 2206 level, price could slide lower than the previous session. 2253 level is within reach should 2172 level is broken. The 2144 - 2153 area is the last stand where the price shouldn't penetrate through. If market slips past 2144 level, we can safely say upwards momentum is already exhausted.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Jul 19th 2018As per my previous analysis , FCPO is now in the corrective phase and is currently moving towards the end of completing wave iv. Scenario #1 (Black count) Wave iv is characterized by a 3 - drive pattern moving upwards, bound by the deceleration channel. The first 4 sub-waves (A, B, C and D) had already completed and we should see the completion of the final leg (wave E) by end of this week or early next week. Completing wave E is an uphill battle given the lackluster bullish elements. We shall see this morning whether weaker MYR could lend the final push to FCPO to move upwards. If that is the case, we should pay extra attention to the following zones 1. supply area /previous low structure (2237 - 2249) 2. gap area (2245 - 2259) 3. supply area (2225 - 2230) where a complete reversal is very likely to take place. Scenario #2 (Green count) If bearish elements prevail and MYR poor performance could not be translated into short term bullish momentum, wave C signifies the end of wave iv (a zig zag correction terminated at 38.2% retracement of wave 3) and the final march to further down south is imminent. Scenario #3 (Purple count) It is a plausible projection (expanded triangle or even worse expanded flat) but I will not dwell on this idea unless it shows signs to materialize.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Jul 16th 2018Last week, FCPO price penetrated the (2186 - 2250) area and closed in to the next weekly demand zone (2089 - 2132) in a decisive manner; a clear manifestation of wave iii. FCPO is expected to respond to this area early this week for a technical rebound (wave iv) and should be moving upwards in a corrective fashion. The acceleration channel (so does the Fibonacci retracement level on the right side of the chart) will be updated accordingly to reflect the termination point of wave iii. The maximum retracement of wave iv should be bound by the base channel. Should wave iv is gradually developing into a triangle or flat correction rather than a quick zig-zag, the base channel will likely converge into a few important zones as follow 1. previous low structure (2238 - 2250), 2. supply area (2237 - 2250) and 3. gap zone (2245 - 2259). giving the perfect confluence area for us to take a short position. Price movement that crosses the invalidation level (2316) may signify the market has hit rock bottom and the major trend reversal has already begun.
MYX:FCPO1!
by eches
FCPO: EW Weekly Count - Jul 1st 2018Weekly EW count indicates FCPO is currently at wave V of (c). Next week we could see market will attempt to pierce through the demand zone (2186 - 2250) amid the trade war tension between the US & China. The price could edge up slightly in the early week though; buoyed with weaker Ringgit Malaysia. The seasonal cycle of palm plantation is expected to ramp up the production output within the next couple of months, lending more pressure for FCPO to move downwards overall. Price movement that goes up beyond 2654 invalidates the EW count; the major downtrend should have ended and it signifies a major trend reversal.
MYX:FCPO1!
by eches
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-
FCPO: Hourly EW Count - Jul 12th 2018Overall FCPO sentiment is still bearish. Extended wave iii is expected to terminate around 2190 - 2205. With a few Fibonacci levels around the 2200 psychological level (as well as being a significant SNR), the parallel channel should hold and we should see a small retracement upwards (wave iv). If that is the case, the best position to join the bearish ride is around 2237 - 2250 area (blue box) with a stoploss above the gap. Wave 4 could also reacts at a lower supply zone (2225 - 2230) before resuming the downtrend.
MYX:FCPO1!
by eches
2
FCPO: Hourly EW Count - Jul 11th 2018Overall trend is still downward. Scenario #1 Wave iv has completed (or still in progress). Should wave iv is still in progress, the upward movements should be limited to 2287 - 2297 area. Scenario #2 Price is moving downwards within the channel, creating an extended wave iii. Price could go down until 2180 - 2210 before some retracement (wave iv) Scenario #3 (trend reversal) Trend reversal is assumed if price crosses beyond the invalidation level (2217).
MYX:FCPO1!Short
by eches
1
FCPO: Hourly EW Count - Jul 5th 2018 (Possible Entries)I have laid out 2 possible movements for today as depicted in the chart. The downwards EW count is merely a projection and will be updated accordingly from time to time as the market gradually unfolds. Entries Short #1: 2297 - 2305 (Stoploss around 2310) Short #2: 2320 - 2329 (Stoploss around 2335) Alternate count (major upwards movement) can be technically ruled out. By ruling out the alternate count, wave 5 is anticipated and it can go all the way down to 2100 level. If you have short position, hold it with a stoploss at around 2349. Long #1: 2270 - 2279 (Stoploss around 2267) Long position is expected to be a minor retracement with the upper limit is bound by the channel (dashed) and S&D area (2297 - 2305).
MYX:FCPO1!
by eches
2
FCPO: Hourly EW Count - Jul 3rd 2018Primary count : Last Friday, the 2348 level which corresponds to 0.5 retracement of wave (iii) had given an outright rejection to the market. Interestingly, the 2340 level which corresponds to 2.618 projection of wave (a) managed to stand the second day attempt as well. The perfect confluence between this invisible resistance area (2340 to 2350) and the previous low of daily market structure provides us a good area to go short with minimal risk. Alternate count : Assuming alternate count (green) is still in place, FCPO is expected to move in a corrective fashion bound by a short term channel. The lower channel terminates nicely inside the pinbar area, a suitable zone for a long position at around 2310 - 2315 area with a small stop loss that can be loosely set at around 2305.
MYX:FCPO1!
by eches
FCPO: Hourly EW Count - Jul 2nd 2018Primary count: FCPO is expected to move further downwards if it manages to break the (2300 - 2315) area and if it succeeds to maintain below 2300 level. The chance gets even better if price is able to cross the 2289 invalidation point. Alternate count: Price may respond at the (2300 - 2315) area and moving higher to the next supply /gap zone at around (2378 - 2388). Crossing above invalidation level (2395) could possibly signify the exhaustion of downtrend.
MYX:FCPO1!
by eches