Judging by the trading on the last day of the year, the rebound we have seen was temporary and consisted of an ABC correction. If so, we have started wave 1 on a negative trend that will take us down to new lows. A hint to how long this wave will be can be given by a possible head and shouders formation, that would coincide with wave two and three. I'll stay short with a first target of 106, where I will reevaluate the HS formation, and may switch briefly to long. In the longer run it looks pretty grim for coffee though, both from a technical and fundamental perspective.