Wednesday, June 8, 2016

Elliott wave analysis of Coffee - Ready for a strong cup of coffee


Coffee - Ready for a strong cup of coffee 
Coffee is about to get a lot strong. An Inverse S/H/S bottom has been building over the last 12 months and a break above the neckline resistance near 136.40 will complete the formation for a strong rally higher towards at least 157.95 and possibly much higher. 
If my long term count is correct, then coffee should rally all way back to the October 2014 high at 225.45 and likely even slightly above here for a move closer to 233.80 to end wave [B] and set the stage for a impulsive decline in wave [C] to below 111.05. 

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