NY coffee may end rebound about $2.3460/lb
SINGAPORE: New York coffee may end a moderate rebound about $2.3460 before a fall.
A small five-wave cycle has been completed from $2.4110 to $2.2405. This cycle is considered as wave (1), which is the prototype of a following bigger wave (3).
It is uncertain how high the current wave (2) rebound will reach. However, a resistance at $2.3460, the 61.8 percent Fibonacci retracement on the fall from $241.10 to $2.2405, will most likely be the peak of this wave.
A drop below $2.2405 will confirm the progress of the wave (3), towards $2.1945, the presumed wave "B" trough.
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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