COCOA forecast w/c 3 April 2023It looks like COCOA is setting up to cool off.
I'm not sure if it'll go lower than 20EMA - I consider this a low risk trade. I don't see the market going much higher without small correction first.
This is not a trading advice. Trading is risky. Always do your own analysis.
COCOA trade ideas
COCOA BULLISHThe market rally from 03 April 2017 to date is showing corrective properties taking a form of an ABC. The side ways move from 02 April 2018 to date has lasted 53 monthly bars taking the form of a contracting triangle. The market has tested the $2279.6 to $2186.9 price range three times Nov,2020, Jul 2021 and Sep 2022 giving clear indication of a strong support level at 0.618 fib level of Primary Wave A. The last candle formed in September is a PIN BAR, indicating early signs of a buying pressure. Wave C is forecasted to equal wave A @ $3380.6/share and $3223.8/share @ 1.382 reverse fib of the wave B. However the market remains the final arbiter and a close below the $2101.1/share will negate the bullish count.
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