NY coffee still targets $2.3450/lb

SINGAPORE: New York coffee is expected to rise to $2.3450 per lb as it is riding on an upward wave "c".

This wave is the second upward leg of an "a-b-c" corrective wave cycle that started at the December 2011 low of $2.1235.

Based on the length of wave "a" and the bottom of wave "b" at $2.2030, wave "c" will be able to climb up to $2.3450, the 100 percent Fibonacci projection level.

Support is at $2.27, a break below which will trigger a further loss to $2.2030.

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.