CJ1! trade ideas
EW Analysis: COCOA May Remain SidewaysCOCOA is sideways for the last 10 years and seems like it will stay like that.
Hello traders!
Today we will talk about Cocoa and its price action from Elliott Wave perspective.
Well, looking at the longer-term weekly chart, we can see Cocoa moving sideways for the last 10 years in the 3700 – 1700 range, ideally within a bigger bearish triangle pattern in wave »B« before we may see even more weakness into a wave C towards 1000 level. But, it is not ready yet, because sub-wave (E) is still missing, so we will probably see a recovery at the end of the year or in 2021 before a bigger sell-off.
As you can see, in the shorter-term daily chart, we are currently tracking a three-wave A-B-C decline within wave (D) that can send the price down to the lower triangle line and 2000 – 1800 area. The only question is, either is sub-wave B already finished or will we see a retest of 2500 – 2700 resistance area before a decline into wave C to complete a higher degree wave (D).
All being said, be aware of more weakness for Cocoa this year, but downside can be limited, so at the end of 2020 or at the beginning of 2021 we may see another, bigger recovery for the final wave (E).
Trade well!
COCOA - A Ranging MotionRanging motion action slightly rising. Only a strong break can lead to :
First break level 2183 USD --> Downwards
First break level 2500 USD --> Upwards
Matured correction over the peak?After a strong downward pressure, there is a matured correction movement in a rising green channel. This moving from 20th of May is absolutely complete and correction type. So I forecast that the next movement will be down, the channel will be broken down, and cocoa could reach 2000.
$CC_F COCOA weekly rejects 200MA, 50MA, 13MACocoa has been up since March, and this week it tried to break out of three MAs(13, 50, 200) and failed.
In the ST, it is not bullish.
But when you look at the COT positions, Money Managers are net short(long 42%, short 58%).
This is constructive.
It could retest Lower TL again, or go straight up.
$CC_F COCOA is basingICEUS:CC1!
AMEX:NIB
Cocoa is now trying to break 200MA and three moving averages(13MA, 50MA, 200MA) will soon turn upward.
As always Cocoa tends to be choppy below resistance. But once it broke out, Cocoa tends to move a good +20%.
Bulls on the wayHey, It's just my idea that it can go up to break uptrend, but also we have to follow spot gold to be sure that we will see bulls position.
Share your opinion and ideas if you like it or no.
COCOA FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)-The market is in a critical position. a front of a very important support
of (2412)
-For now there is a big probablity that the market
can return tested (2374)
-But if ever it break the resistance with power
the market will go to (2465)
Buy Cocoa dailyHello, the COCOA made an attempt but was pushed back then the resistance to broken with the force and the volume.
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Long term bullish pattern on COCOAWe can see on the COCOA daily chart a bullish pattern called "Cup and Handle", when this pattern is break up (with a big green candle and a big volume) there is a good long signal with an interesting RR ratio.
I will keep an eye on this chart !
CACAO - Attention une accélération puissance en 2 niveauxAttention Attention, aujourd’hui et le prochain jour, il ne faut pas vendre le Cacao, on dirige certainement vers 2438 USD voir plus.
