Coffee To Rally in 2013?
It seems like an eternity but Coffee may be nearing an important inflection point that should lead to a significant counter trend rally!
I've been following the decline in coffee since May 2011 and posted my
trade plan for this market.
Since that time, price has continued to grind lower. I've listed two downside targets that represent where: w.5= w.1 at 114.65 and w.5 = .618{w.1-w.3} at 95.05. Also not that the previous 4th, at one lesser degree, a common elliott support zone is right in this area.
Dropping to the weekly level, we can see that the minimal requirements for a completed w.5 circle has already been met i.e. price has made a new low below w.3, yet the two downside targets at the monthly level are still possible.
Not shown, MOMO indicators exhibit bullish divergence but my suspicion is that we need to make at least another low.
If you trade coffee it's time to watch price action closely. 2013 main bring significant gains!
Best of Trading
======================================================================
ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure.
Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content") provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade.
A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blogsite.
======================================================================
Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.
No comments:
Post a Comment