This is Daily chart. Same chart used in previous post. Price retreat when almost reach at the resistance zone. The hidden bearish divergence existed with price slightly lower than previous peak (2485 compared to 2491). It can be called double top too because this slight difference can be ignored and the RSI shows the divergence.
SOYBEAN OIL
In the previous post, i highlighted about Harmonic pattern, it is between Gartley or Crab.
Now, both TP for Gartley already met. If it breaks lower, then i am positive it is Crab and the TP for Crab is at 224% and 361.8% Fibo as I highlight in above chart. Well, it it does, you know what is going to happen to FCPO. =) Anyway, at the moment, price is moving inside channel, or i could say FLAG pattern if u change it to TF4H.
CRUDE LIGHT
USD/MYR
Finally lets look at USD/MYR currency. Target reached perfectly. What i see is shooting star is formed today. If tomorrow MYR will continue to strengthen, I believe, another increment in KLCI.
Summary:
1) The retracement of Soybean & CL will drag down FCPO too.
2) With the short term recovery for MYR, it will help to ease FCPO as well.
3) So, FCPO has the chance to close the big gap.