The most recent 4-week timeframe exhibits a series of lows in the vicinity of 32.00, which has contained three distinct bouts of weakness.
Now, from a pattern perspective, this represents a prospective corrective triple bottom that will provide the launch pad for a new upleg in the aftermath of a completed April-July corrective process.
While such potential is there, iPath DJ-UBS Coffee TR Sub-Idx ETN (JO) must climb and sustain above 35.80 to confirm the corrective triple bottom, and to trigger upside potential targets of 39 and 41.
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