Elliott Wave View: Coffee Shows Bullish Sequence
|Coffee (KC_F) shows a 5 swing sequence from April 17, 2019 low, suggesting further upside is likely. Short term, the pullback to 94.94 ended wave ((X)). Rally from there is unfolding as a zigzag Elliott Wave structure. Up from 94.94, wave A ended at 102.75 with subdivision as an impulse Elliott Wave structure. Wave B pullback ended at 99.6 as a double three Elliott Wave structure. Wave C reached 100% extension of wave A and proposed complete at 107.7.
Near term, Coffee is correcting cycle from June 17 low within wave (X) before the rally resumes. The structure of the pullback is still at the early stage and thus can unfold in various ways. The chart below proposes a double zigzag structure in wave (X). However, regardless what the structure of the pullback is, the main idea remains the same that as far as pivot at 94.94 low stays intact, it should extend higher again. We don’t like selling the instrument and expect buyers to appear after pullback is complete in 3, 7, or 11 swing. The view remains valid as far as pivot at 94.94 low stays intact. Target to the upside is 100% extension from April 17 which comes at 114.75 – 119.44 to end the double three structure.
Coffee (KC_F) 1 Hour Elliott Wave Chart
Coffee (KC_F) 1 hour Elliott Wave Video
Interested in active FX or CRYPTO Elliott Wave labeled charts on a daily basis? Now it's your time; we have a SPECIAL offer; 50% Off on FX and Crypto markets. Check Elliott Wave Forecast website for more details.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.