After a minor consolidation phase in which the price of cocoa stagnated just below the pink trend line, the next step of the magenta wave (5) was completed: a clear breakout above this line. We now expect a larger upward expansion until the magenta five-wave move and thus the superior white wave (B) is completed. After this top, the price should go down again - first with the magenta wave [1] back towards the trendline.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
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🚀 Spot trends early with momentum, sentiment & price structure
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.