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The bounce from the Sept. 30 low of $2,708 has not completed. It consists of three waves, so far, only two have unfolded. The third wave labelled c is driving cocoa towards $2,848, the 61.8 percent Fibonacci retracement of the downtrend from the Sept. 22 high of $2,934 to $2,708.
Support is at $2,761, a break below which could cause a loss to $2,708.