This can be a long term bottom for Coffee. I will be entering longs on Monday. The monthly chart indicates this could be a gigantic double bottom at play. CoT data is interesting, with large speculators going flat... I expect the low printed here to hold, if we break this week's high it'll trigger a rally. Good luck, Ivan Labrie.
I don't really drink coffee but I might be buying a cup of JO today. I really like price action down at these levels. As far as technical analysis goes I like heavy volume gaps that form a doji at the bottom of a channel after a down trend. I think we gap up on Monday. I have never played this setup on an ETF so not sure how good it will work. The reason being ...
I've laid out two possibilities here for JO (Coffee). We have a double TAG 618 retracement, RSI divergence and MACD curl. so a short term up movement is likely. However we still might be in an ABC correction. So a retest of the lower trend line is quite possible. If we break out of the top trendline, look for a flag before going long. GL
Coffe could be found it's multi year higher low? Will see... At the moment it could be a leading diagonal in wave 1 (primary) or A and a zig-zag in wave 2 or B... or it's just 2/A in wave 2 or B/A ... (Didin't posted my original idea here (3 month ago.... wave 5, intermediate level), but my target was $26 in JO)