SINGAPORE: New York May cocoa will fall to $2,120 per tonne, as it has completed a five-wave cycle.
The cycle started at the March 7 low of $2,034, and peaked around a resistance at $2,174, the 61.8 percent Fibonacci retracement on the fall from the Feb. 7 high of $2,260 to $2,034.
The current drop is expected to seek a support at $2,120, the 38.2 percent retracement, a break below which will confirm a small double-top, pointing a target at $2,077.
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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