FCPO 27 Feb 2023 : Spring or SoW?Last week :
1. Price retest again the UT level at the same supply zone level before going back down again.
2. Price stop at EMA50 30min and Mid channel
3. SBO continues a downtrend after the FCPO market close down almost 2.45%.
Expectation :
1. We expect CPO to follow the SBO gap down to 2.4%.
2. Price will break mid-channel and possibly lower channel.
3. When the price test/breaks the lower channel, we expect the price to create SoW or Spring.
Planning :
1. For the Wyckoff trader, we did not expect entry during Spring/SoW. We will take a chance during ToS formation or LPS/LPSY formation. Wait for the price reaction at this point.
2. However, for 5min TF, we can find any trading opportunities for a short-term trade.
3. Monitor the 4100 support level. If clear this level, the price might test the 4030 level.
4. If the price still sustains inside the channel and TR, possible to retest fibo 50 or close gap?
Below is the expectation from SBO
