Hello fellow traders. Today, we will have a look at some Elliott Wave charts of COFFEE which we presented to our members in the past. Below, you can find our 1-hour updated chart presented to our members on the 06/24/18 where COFFEE was in the progress of correcting cycle from 05/02 peak in 3-7 or 11 swings.
Higher time frame, the commodity has a bearish sequence targeting lower levels. Therefore, our members know that the right side remains to the downside. Shorter-term it ended the cycle from 05/02 (126.02) peak in black wave ((a)) at the low of 06/15 (114.72). The internals of black wave ((a)) unfolded as a 5 waves leading diagonal. Where blue wave (i) ended at 05/15 low (116.41), blue wave (ii) pullback at 06/01 peak (124.96), wave ((iii)) at 06/07 low (115.64) and wave (iv) completed at 06/12 (118.10). From that peak, it ended blue wave (v) of the black wave ((a)) at 06/15 (114.56). Up from there, the instrument can end black wave ((b)) correction at the equal legs towards 118.47-119.29, so we advised our members that the right side remains to the downside against 126.08 peaks. For another extension lower.
COFFEE Futures 06.24.2018 1 Hour Chart Elliott Wave Analysis
In the Elliott Wave chart below from the 07/03 which we presented to our clients, you can see that the instrument pulled back from the equal legs, after ending cycle from 06/15 low in black wave ((b)). From that equal legs, the pair continued nicely the weakness to the downside and broke the black wave ((a)) low, confirming the next bearish extension lower. Any trades from the equal legs blue box area wherein a decent profit and risk-free also. Targeting the minimum equal legs of around 107.95+ areas. Which was the equal leg of black wave ((a))-((b)). So any trades from the blue box above where closed in a nice profit. Do please keep in mind that the 1-hour charts which I presented, have already changed. If you want updates every day. I can recommend you to take our free trial below.
COFFEE Futures 07.03.2018 1 Hour Chart Elliott Wave Analysis
I hope you enjoyed this blog and I wish you all good trades and if you interested in learning more about our unique blue box areas and also want to trade profitably. You can join for 14 days free trial. See you insight!
We believe in cycles, distribution, and many other tools in addition to the classic or new Elliott Wave Principle.