Archive by tag: cocoa analysisReturn
Cocoa prices have fallen over 40% after reaching record highs in April 2024, signalling a critical correction phase. We examine the current structure and potential price movements through Elliott Wave analysis, identifying key levels like 5,000 as potential support. Stay updated on cocoa’s market trends, technical outlook, and forecasted wave structures.
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Cocoa's Elliott Wave Analysis reveals a resilient uptrend since September 2022, with prices surging by 170%. Currently in the blue wave iv stage, a potential three-wave decline is anticipated towards key Fibonacci levels. Traders are advised to monitor support levels and consider buying opportunities as wave IV progresses, aligning with the overall bullish trajectory in Cocoa's market.
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