\n\n\n\tCrude Palm Oil (FCPO)-Simple Wave Count\n\n\n\nCRUDE PALM OIL-RINGGIT FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)\tMYX:FCPO1!\n\n\n\tTheDemonTrader\n\n\n\n\t\n\nToday is 11 October 2021. It's not even half of the month yet but price of FCPO has reached Monthly R2 (Traditional Pivot ). That indicates the price is already overstretched. I believed the price should retrace. Furthermore, The bearish divergence does support the wave count that price already topped for wave 3 base on Elliott Wave count. Further confirmation is needed i.e. must break down the trendline and successfully retest it and continue the short-term downtrend. \n \nFCPO is in a very bullish mode so I don't expect the price to retrace way below the Monthly R1 at 4785. Moreover, there is Weekly Pivot at 4811 to act as the first strong support that might be the catalyst for buyers to jump in the rally again. \n \nThe target for wave v is base on 1:1 ratio with wave i. It could go higher or lower than that.