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SINGAPORE: New York coffee may test a resistance at $2.1820 per lb, a break above which could lead to a gain to $2.2375.
The strong surge from the July 15 low of $1.9460 suggests a reversal of the downtrend from $2.4175.
The trend adopted a corrective wave mode, consisting of three waves.
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The wave C is 1.618 times longer than the wave A.
Such a mathematical relation well confirms the completion of the wave C.
A break below $2.1260 could trigger a drop to $2.0575.
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