Elliott Wave Analysis of Coffee - Descending trendline from 2011 finally conquered
Coffee has finally broken the 10 year descending trendline dating back to May 2011. The break completes a super longer term and super complex wave IV correction that began way back in April 1977 and we should now be looking for an extended rally in wave V to way above the wave III peak at 339.90.
Short-term we should expect resistance near 146.95 will be able to cap the upside for a temporary correction towards 116.50 before the next strong rally, that is expected to break clearly above 146.95 for a rally towards 219 and longer-term above the wave III peak at 339.90
We are still in the infancy for this new impulsive rally, but ultimately it should pick up momentum for much higher levels.
Remember that the trend and patience are your friends
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