SINGAPORE: New York December coffee may retest a support at $1.6785 per lb, a break below which may trigger a shallow drop to $1.6315.
The contract seems to be riding on wave (5), which is taking the shape of a falling wedge.
Five smaller waves make up the wave (5), with the wave v yet to travel towards $1.6315.
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Sometimes, the wave five could consist of only three waves.
A break above $1.7220 will not only open the way towards $1.7545-$1.8010 range, but also suggest such a structure. In any case, a bottom is very near.