The contract is riding on a wave c, which has extended below its 138.2pc projection level at $2,266. It is highly likely to travel to $2,219.

Once its falls to $2,219, cocoa may extend its loss to $2,187, the 76.4pc retracement on the uptrend from $2,063 to $2,589. A break above $2,266 could lead to a gain to $2,312.

Note: Cocoa report is published twice a week - Wednesday and Friday.

Charts are not available in reports received in email box through "Alert". To get charts, use the news code of to retrieve the original reports.

Wang Tao is a Reuters market analyst for commodities and energy technicals.

The views expressed are his own.

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.