Mthokozisi Mpofu
Knars Capital
The chart below shows Coffee, which has been in a correction since the 4th of September. It has formed an ending diagonal just above the 78.6
Fibonacci level, giving us a possible signal that the correction lower might just be over.
The move higher that started on the 15th of June is marked, in five waves, and after a five-wave impulse, we can expect a correction, then a
continuation on a larger degree.
We will be looking for a break of 110.11 and a retest to confirm the move higher with targets above 130.00. The current count will be
invalidated, by a break of the 94.07. We have high volatility expected next week due to the USA election.
Res: 110.00; 119.80; 125.59
Sup: 103.42; 100.00; 94.07
None of the material published constitutes a trading recommendation of any particular security, portfolio of securities or investment strategy. This should not be taken as personal advice concerning nature, potential, value or suitability of any particular security, portfolio of securities, investment strategy or other matter. Past performance does not guarantee future results.
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