Friday, 06 November 2015 15:53
SINGAPORE: New York December cocoa may retest a support at $ 3,229 per tonne, as its correction from the Nov. 3 high of $ 3,300 has not completed.
The correction could consist of three waves, with the current wave b likely to end around $ 3,279, the 86.4 percent Fibonacci projection levels of an upward wave C, which is the third wave of a three-wave cycle from the Oct. 12 low of $ 3,026.
The third wave labelled c will totally reverse the wave b, to travel towards the 61.8 percent level at $ 3,229. Resistance is at $ 3,279, the 86.4 percent level, a break above which could lead to a gain to the 100 percent level at $ 3,306.
