SINGAPORE: A bearish target at $2,285 per tonne is unchanged for New York cocoa, as indicated by its wave pattern and a Fibonacci projection analysis.
A downward wave (5) has traveled below a support at $2,468, the 161.8 percent Fibonacci projection level, based on the length of the wave "1".
The next target will be $2,285, the 261.8 percent projection level, which is also pointed by a trendline that descends from the trough of the wave (1) and passes through the bottom 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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