Robusta second Daily chart coffee may break a resistance at $1550 and rise towards $1700 per Ton next quarter, as suggested by its wave pattern and a Fibonacci ratio analysis.
Comment:
Coffee Robusta again since the setback from the Dec 30 2021 high at $2384 in the may coffee has now about equaled the greatest “duration” of any other drop...since 2019 low, which occurred between june 1-and-july 7, 2021, the “time” aspect does suggest that there’s still a slight chance we’ve only been in a “wave- correction”? if the advance-off the march 03 low ($2010) happens to produce a “bullish-five”, then we’d probably want to “pump-the-brakes” on our bearish count?. That said, however, because this down-move looks like a “bearish-five”, and we’ve also significantly exceeded the greatest “magnitude” of any other drop once the 2019 low at $2104, The best count indicates that we’ve confirmed a completed wave C “3-wave advance” from the 2019 low. in which case, while we don’t yet know whether we’re in a less bearish, “wave-4”, or a far more negative, “sc-wave-(c)”, anyhow, provided the current rally does end-up producing a bearish, “3-wave” pattern, then we’ll be looking to go short.