Primary 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.
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.
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