At hourly chart, there is a strong indication that wave (4) is developing into a 5 sub-wave triangle (the a-b-c structure can be clearly seen in each sub-wave). The structure looks complete (wave (5) is about to begin) but we are expecting FCPO to make its final touch at the supply zone (2240 - 2260) before it starts its journey further down south. The uptrend will be limited by the supply zone (2240 - 2260) and is bound by the upper channel (dashed lines).
Should alternate count (green) comes into play, wave (4) may retrace up to 2270 - 2276 area.
Note: 2275 is the 0.386 retracement of wave (3). For the sake of clarity, please refer to FCPO: Weekly EW Count.
Should alternate count (green) comes into play, wave (4) may retrace up to 2270 - 2276 area.
Note: 2275 is the 0.386 retracement of wave (3). For the sake of clarity, please refer to FCPO: Weekly EW Count.
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