SINGAPORE: New York March coffee may fall to $1.2235 per lb, as suggested by its wave pattern and a retracement analysis.

The fall from $1.2860 may consist of three waves. So far, only two have unfolded. The third wave is traveling towards $1.2040.

A realistic target will be $1.2235, the 23.6% retracement. A break above $1.2450 could lead to a gain into $1.2545-$1.2665 range.

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