FCPO: Hourly EW Count - Jul 23th 2018
EW 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.
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.
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