Most commodities are highly cyclical and don't develop in the usual 5-wave-patterns. In the long run commodity-chars look more like a series of succeeding 3-wave moves.Therefore a longterm EW analysis is difficult in a way makes no sense.
Nevertheless I devoloped a longerm chart for coffee and a shorter term analysis with a seasonal chart as indicator. In the mid and longterm I expect coffee to work lower. The short term is a bit unclear.
What I marked in the hourly chart as wave 4 doesn't look finished and also looks quite steep. On the other hand seasonality calls for a low around february 24. So we might see some fast moves in the following week.
Unfortunately the latest CoT data is not available. The last available report showed a strong build up of long positions by the commercials. This build up preceded the sharp move up from january 24.When analysing commodities it is important to watch the CoT-report. Before entering a trade I would await the latest reports.
Link to the longterm charts.
https://images2.imgbox.com/49/1c/F7zsiiEL_o.png?download=true
https://images2.imgbox.com/3f/28/xT8CMncs_o.png?download=true
Nevertheless I devoloped a longerm chart for coffee and a shorter term analysis with a seasonal chart as indicator. In the mid and longterm I expect coffee to work lower. The short term is a bit unclear.
What I marked in the hourly chart as wave 4 doesn't look finished and also looks quite steep. On the other hand seasonality calls for a low around february 24. So we might see some fast moves in the following week.
Unfortunately the latest CoT data is not available. The last available report showed a strong build up of long positions by the commercials. This build up preceded the sharp move up from january 24.When analysing commodities it is important to watch the CoT-report. Before entering a trade I would await the latest reports.
Link to the longterm charts.
https://images2.imgbox.com/49/1c/F7zsiiEL_o.png?download=true
https://images2.imgbox.com/3f/28/xT8CMncs_o.png?download=true
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.