coffee could go much higher long term
I show another possible count here of an ABC in blue, which will be invalidated upon completion of the wave 5 in orange. My preferred count is the 5-wave impulse in orange. The entire 5-wave sequence will be validated and complete, upon an ABC retrace likely to 50-61.8%, but all that is over a year out, and a lot can happen between now and then.
The ABC scenario could imply new lows, but one trying to play the long scenario could place a stop below the weekly cloud, or manage long trades from a lower timeframe.