SINGAPORE: New York Dec. coffee could keep falling to $1.5195 per lb, driven by a downward wave (3).
This wave could extend a downtrend that developed from the Oct. 3 high of $1.8545.
A Fibonacci projection points to a target at $1.5195, the 38.2 percent level, a break below which could lead to a further fall to $1.4860, the 50 percent level.
A rebound from the current level may be limited to $1.60 due to the strong bearish momentum of this wave.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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