SINGAPORE: A bearish target at $1.9780 per lb is unchanged for New York coffee as indicated by its wave pattern and a Fibonacci retracement analysis.
The waves on the hourly chart have been relabeled on the fall from the Feb. 8 high of $2.25, with the rebound from the Feb. 16 low of $1.9780 classified as a wave (4), which ended around $2.0615, the 38.2 percent retracement on the fall from $2.1960 to $1.9780.
A downward wave (5) is unfolding towards the trough of the wave (3), or most likely, to a lower level at $1.9645.
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.
Comments
Comments are closed for this article.