FractalTrader
Long

coffee could go much higher long term

AMEX:JO   IPATH BLOOMBERG COFFEE SUBINDEX TOTAL RETURN ETN
85 0 2
After a multi-year decline in price, I think the underlying commodity has changed trend for at least the remainder of the year. A rest is needed here, though. Specifically a pullback to the price support at 33.41 is likely over the next couple months. After that I think coffee             is likely to continue a developing wave 5 advance. I show that path in orange.
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.
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out