Cocoa (CC1!) is on a very aggressive long term Channel Down on 1W (RSI = 37.498, MACD = -53.170, Highs/Lows = -176.9286, B/BP = -379.8580) and is currently also trending lower on the latest 1D bearish leg, equally as aggressive (STOCH = 21.862, Williams = -90.823). This is the third leg downwards on this Channel Down and based on the previous two it should reach a...
Quick chart for my followers, cocoa to go long, if you have been following my other publishes then you would understand my chart without yellow full details, there may be further downtrend on the bottom yellow line but overall cocoa is on the uptrend as it has hit top yellow line.
Top yellow line at 2051
Bottom yellow line at 1800
Please study your indicators...
Cocoa is at a heavy resistance now, 2443. Will it go Short or long?
Price is exactly between two fibonacci resistances now; 2524 and 2368. I think price will bounce between these two before it breaks long or short.
When it breaks the long resistance 2524, I see a target of 2674. When it breaks low; target 2153.
Most difficult part are the exact positions where...
Cocoa is at a heavy resistance now, 2443. Will it go Short or long?
Price is exactly between two fibonacci resistances now; 2524 and 2368. I think price will bounce between these two before it breaks long or short.
When it breaks the long resistance 2524, I see a target of 2674. When it breaks low; target 2153.
Most difficult part are the exact positions where...
This is where I lose all my Xmas present funds... and my house
... and the money i stole from my parents. There may be tears
... and no chocolate for the kids
I rarely publish these longterm ideas but here i am pointing out the current wave 4 on a weekly chart.
So in the long run we will be short the CC1! but since we are currently in a wave 4 we will be looking for long positions.
For a starter position i placed a long entry @2000, next @1975, @1935 and finally @1900
Soft targets start @2290,@2610 and very distant...
Similar to oil, the price of cocoa 3.18% is due for a recovery in terms of gold. Long term trajectory is likely downward once price hits my red region level.
Demand has been established at the blue diagonal for decades. Everytime price hit that level of equilibrium we've seen a massive reversal. We're once again at the level of extreme reversal.
Better get on this...
Long term looks very bearish
- Supportive trend line (green) from started in 2002... broke down last year
- H&S pattern set up
- H&S neckline touched up but 1870 not taken out yet
Looking at potential pull back to broken trend line (green), up into 3000
This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
.zip (with PDF`s) @ my Google Drive
In percents away from all-time high & low by last close (32 Commodities)
drive.google.com
Best regards :)
Aaron
