NY coffee to rebound more to $2.3950/lb

SINGAPORE: New York coffee will rebound more to $2.3950 per lb as indicated by its wave pattern.

The contract is riding on an upward wave "B", as part of a triple-zigzag pattern.

An upper channel line of a falling channel line has been broken, signaling the wave "B" has adopted an "a-b-c" wave mode, with a small wave "c" progressing towards the 61.8 percent Fibonacci retracement on the fall from $2.4950 to $2.2325.

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