FCPO: Hourly EW Count - Jul 11th 2018
Overall 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).
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).
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