This wave started at $2,474. It failed to overcome the barrier at $2,859 at its first attempt. The decent correction from $2,856 could have prepared it with enough momentum to clear this resistance.
Based on the depth of the correction, the wave C may extend to $2,993, its 238.2 percent projection level. A more realistic target could be $2,910. Support is at $2,801, a break below which could cause a loss into the range of $2,743-$2,775.
Note: Cocoa report will be published twice a week, on Wednesday and Friday.
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