New York cocoa may rise to $2,599

• The resistance is identified as the 100pc projection level of an upward wave c from $2,675.
• Even though this wave c ended around its 138.2pc projection level of $2,537.

The resistance is identified as the 100pc projection level of an upward wave c from $2,675.

This wave could be broken down into five smaller waves.

Even though this wave c ended around its 138.2pc projection level of $2,537, which is less common, the structure of this wave and the gain on Tuesday confirm a reversal of the downtrend.