SINGAPORE: A bearish target at $2.1450 will be available to New York coffee only after it drops below a support at $2.1975, a low touched on Wednesday.
Coffee has completed a wave (3)-1 and will develop a wave (3)-2 which could travel to $2.2705, the 61.8 percent Fibonacci retracement on the wave (3) -1 drop.
But the wave (3)-2 may also stop at any level below $2.2705. That makes the break below $2.1975 critical in confirming the downward wave (3)-3.
Once the support at $2.1975 is cleared, the following drop will speed up towards the 100 percent Fibonacci projection level of the wave (3).
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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