Cocoa Is Peaking
Cocoa has since the bottom in April 2017 at 1,756 been moving higher in a three wave pattern. Wave B of this three wave pattern was clearly a triangle that concluded wave e of B in September 2022 at 2,192 and wave C has since dominated with a strong five wave rally. However, wave C is now peaking and we should soon see cocoa starting to move lower towards at least the low of wave iv of C at 3,372 and likely even closer to strong support seen near 2,945.
That cocoa is peaking is also supported by the cycle analysis where the composite cycle of the 53, 57, 62 and 67 day cycle now is turning lower into the end of the year. This turn lower should weight on cocoa and push it lower in the days and weeks to come as cocoa move towards 3,372 and likely closer to 2,945.
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