SINGAPORE: New York cocoa is still targeting $2,102 per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract is riding on a powerful wave "c", which will at least travel the same length as the wave "a", to arrive at $2,102, the 100 percent projection level.
An extended wave "c" may even drive the price down to $1,941, the 161.8 percent projection level over the next few trading sessions.
Chances are high for the wave "c" to extend, as a head-and-shoulders also points to a target at $1,994, far below $2,102.
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.
China Wholesale
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