NY coffee to fall back to $2.24/lb

SINGAPORE: New York coffee is expected to fall below the previous trading session low of $2.24 per lb and head towards $2.1170.

The contract is riding on a downward wave (3), progressing towards the 161.8 percent Fibonacci projection level, based on the length of the wave (1) and the peak of the wave (2) at $2.4390.

The minor rebound from $2.24 is labeled as a wave "4", to be followed by a downward wave "5" with a target at $2.1170.

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