FFC - Hourly Analysis - 23-02-2024

Sarfaraz Ahmad
Feb 23, 2024

Primary Structure: Bearish Impulsive.

Primary Trend: Bearish

Current Wave structure: Potential Zigzag in black wave "2".

Expectations: The drop from the high can be counted in five waves as the black wave "1" which must e retraced back minimum in three waves according to the basic rules. The pullback can approach the 61.8% Fibonacci retracement level and fill the gap there around. Weakness in the price is expected after completing black wave "2".

Recommendation: 2: Hold the Shorts.
1: Short positions may be considered from around 106 with stops above 129.

Previously :