A new all time high has been set at 15,797.68, but once again with no real follow through. My long term view of a top is still very much in place. I'm looking for a break below support at 14,551.27 that would confirm the top and that wave D is in place and wave E of the huge expanded triangle is developing. However, until we do see the break below important support at 14,551.27 we could see a new all time high being reached, but in my view the upside is limited while the downside risk is huge.
Wave III is in place and I expect to see wave IV lower towards the 38.2% correction target at 42.65 before the final rally higher should be expected. That said, a deeper correction towards the 50% correction target can't be ruled out, but as wave II wave a Deep correction (61.8% of wave I) we should expect a shallow correction in wave iv.
Has coffee bottomed? I think that a bottom is very close and that B-wave correction is about to develop. A rise in the coffee Price should pressure the prise of Starbucks. But you are only looking for a B-wave correction in coffee and at the same time you are looking for a long term top for Starbucks how do explain that? Well it's not a long term top, but "only" a wave III top in the long term Picture and that Means the coming decline is a wave IV correction towards 53.61, which marks the 38.2% retracement target of wave III. However, we could see a deeper correction towards the 50% retracement target, which comes in at 44.73, which also marks the bottom of wave 4 of one lessor degree.
Hi,
ReplyDeletewhat could be a B wave of coffee the price target,about 2.00?
Palladium: in your opinion are we close to break out of the triangle in direction to 1000 usd?
best regards Witold