US Cocoa futures ( CC1!) is in ABC zigzag (or might be impulse), where C wave is in progress and extending the gain. It is in 4th wave correction, which probably ends within the zone of 2375-2425, so go long in that zone after confirming the 4th wave finished,for target of 2525 or higher as 5th wave of C wave.
COCOA is sideways for the last 10 years and seems like it will stay like that.
Today we will talk about Cocoa and its price action from Elliott Wave perspective.
Well, looking at the longer-term weekly chart, we can see Cocoa moving sideways for the last 10 years in the 3700 – 1700 range, ideally within a bigger bearish triangle pattern in wave...
I found two previous cases when the cocoa bottomed here on 2100. Seasonality would support growth in these times. Both 5y and 15y stacked averages do stay that growing is possible. Cocoa has dropped beyond what is usual and I am betting on this support I found. SL on 2078, TP unspecified. Good luck.