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The contract is riding on a wave 5, the fifth wave of a five-wave cycle from $0.9510. Even though it is generally difficult to pinpoint the peak of a wave five, the retracement analysis does suggest an extension of this wave towards the July 30 high of $1.1650, as it has cleared the last barrier towards this level.
A fall below $1.1045, however, could signal the break above the resistance at $1.1145 was false, and this fall may be extended to $1.0835.
Note: Coffee report will be provided twice a week - Tuesday and Thursday.