Yesterday, FCPO climbed higher in a decisive manner and derailed our expanded triangle projection into a flat correction. As we go back up to higher timeframe (daily), we could see that the the upper line of the acceleration channel is broken. It is an early indication that wave ④ is currently in progress but we think this could be a brief overshoot before market starts to trade below 2200 again.
We can quickly brush off the development of wave ④ if
1) FCPO is able to trade within the acceleration channel again
2) The lower channel line of the corrective wave is broken
The above-mentioned EW count is an alternate count should FCPO further develops within the deceleration channel (wave ④) (primary EW count on #analysis #17Nov18)
As market maintains its bullish posture, following are areas of interest
1. 2206 - 2220
2. 2246 - 2260
Disclaimer: This only for education purpose. Not a buy call or sell call from us.
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