• New York December coffee may test a support at $0.9615 per lb, a break below which could cause a fall into the range of $0.9495-$0.9520.
• The third wave labelled c is capable of travelling to $0.9520, its 100pc projection level.

The support is identified as the 76.4pc retracement of the uptrend from $0.9340 to $1.0495.

The correction from $1.0495 consists of three waves.

The third wave labelled c is capable of travelling to $0.9520, its 100pc projection level.

A break above $0.97 may lead to a gain limited to $0.9780.