Cocoa Elliott Wave Analysis - 1 March 24

Cocoa Elliott Wave Technical Analysis

Function - Trend

Mode - Impulsive

Structure - Impulse Wave

Position - Blue wave ‘iv’ unfolds

Direction - Blue wave ‘iv’ in progress

Cocoa has been a standout performer in the commodity market over the past two years, exhibiting a robust upward trend since September 2022. During this period, Cocoa prices have surged by an impressive 170%, following a discernible impulse wave pattern.

Cocoa Day Chart Analysis

Examining the daily chart, it is evident that the current rally, which commenced around the 2200 mark, is approaching its final stages. The completion of black wave 5 marked the conclusion of blue sub-wave iii at 6500. The recent downward movement indicates the emergence of blue sub-wave iv. Based on projections, blue sub-wave iv of 5 is anticipated to progress towards the significant level of 8000.

Cocoa-day-commodity-...

 


 

Cocoa 4-Hour Chart Analysis

A closer inspection of the sub-waves within blue wave iv reveals a potential three-wave decline, as depicted on the H4 chart. This decline from 6500 is forecasted to retrace towards the Fibonacci levels of 5489-5174. Additionally, the critical trading level of 5000 serves as another pivotal area to monitor for potential support should the ongoing dip breach the aforementioned Fibonacci zone. However, it's essential to note that the development of the wave 5 impulse pattern would be invalidated if prices were to fall below 4354.

In summary, adopting a strategy of buying into the dip appears to be the most prudent approach for traders interested in Cocoa. The focus will be on purchasing opportunities towards the end of blue wave iv of 5, particularly if there's a bullish reaction observed at the identified price support levels.

This analysis underscores the potential opportunities within Cocoa's current price movement and provides a framework for traders to navigate the market effectively. By incorporating Elliott Wave principles, traders can better understand the underlying market dynamics and make informed decisions to capitalize on future price movements in Cocoa.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Gold (XAUUSD)

TradingLounge Once Off SPECIAL DEAL: Here > 1 month Get 3 months.   

Cocoa-4hr-commodity-...

Related

U.S.Dollar/Swiss Franc Analysis covers Forex chart forecasts: USDCHF Elliott Wave Technical Analysis

U.S.Dollar/Swiss Franc Analysis covers Forex chart forecasts: USDCHF Elliott Wave Technical Analysis

Get the latest USDCHF Elliott Wave analysis for accurate forex trading strategies. This analysis cov...

Read More >
VeChian Crypto Trading Strategy: Focusing on VeChain's Price Prediction and VETUSD Elliott Wave Technical Analysis

VeChian Crypto Trading Strategy: Focusing on VeChain's Price Prediction and VETUSD Elliott Wave Technical Analysis

This article provides a comprehensive VETUSD Elliott Wave analysis, focusing on VeChain's price ...

Read More >
Buying TSX Composite Stocks or Analyzing ETFs This Guide Provides Essential Updates: S&P/TSX 60 Index Elliott Wave Technical Analysis

Buying TSX Composite Stocks or Analyzing ETFs This Guide Provides Essential Updates: S&P/TSX 60 Index Elliott Wave Technical Analysis

Explore in-depth Elliott Wave analysis of the S&P/TSX Composite with actionable trading strategies a...

Read More >
Federal Reserve Cuts Rates to 5%: Elliott Wave Analysis of Major Stock Indices & Market Insights

Federal Reserve Cuts Rates to 5%: Elliott Wave Analysis of Major Stock Indices & Market Insights

This blog offers an in-depth analysis of major stock market indices—including the S&P 500, NASDAQ 1...

Read More >
Saudi Stock Market Update: TASI Index Elliott Wave Technical Analysis Shows an Impulsive Bullish Trend

Saudi Stock Market Update: TASI Index Elliott Wave Technical Analysis Shows an Impulsive Bullish Trend

The TASI Index is currently in an impulsive bullish trend, with the market advancing through gray wa...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on