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Cocoa Commodity Elliott Wave Technical Analysis
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Join 1 month Get 3 Months Click here https://tradinglounge.com/341 • 7 Analysts Over 200 Markets Covered. • Cocoa Elliott Wave Analysis • After reaching an all-time high of 11,722 in April 2024, Cocoa prices have entered a corrective phase, with the market still within this consolidation period. Since May 2024, Cocoa has traded predominantly below the 10,000 mark, suggesting that the ongoing bearish correction could extend further. It is anticipated that this corrective cycle will continue below the August 2024 low, possibly dropping toward the 5,000 level or lower, before the long-term bullish trend resumes. • On the daily chart, a double zigzag corrective pattern is becoming evident from the April high. The first leg of the correction, wave W, concluded on August 8th, with the current upward movement representing wave X. Once wave X completes, wave Y could follow, potentially pushing prices toward the 5,000 level or even lower. Unless Cocoa prices rebound significantly and approach the 11,000 level, the downside scenario remains the most probable, suggesting the correction is not yet complete. • In the H4 chart, wave X appears to have finished forming its own double zigzag pattern. As prices approach the wave x (circled) low at 6,850, the likelihood of wave Y commencing increases. A break below this level would likely confirm the start of wave Y, followed by a breach of the 6,600 level, where wave W previously ended. • In conclusion, Cocoa's corrective phase seems far from over, with the potential for further declines toward 5,000 or below. The market is still within a larger bearish cycle that began after the April 2024 peak. While a strong rebound could change the outlook, the price action suggests that the corrective structure will likely continue to play out. A break below 6,850 would be a key signal confirming the start of wave Y, accelerating the move toward the completion of this corrective phase. • Technical Analyst : Sanmi Adeagbo • Join 1 month Get 3 Months Click here https://tradinglounge.com/341 • 7 Analysts Over 200 Markets Covered. • TradingLounge Services: • Elliott Wave Analysis • INDICES - SECTORS - STOCKS - COMMODITIES - CRYPTOCURRENCIES - CURRENCIES • • Charts: • US Sectors ETFs: Weekly and daily charts. Analyst: Peter Mathers • 50 US Stocks charts, updated weekly. Analyst: Alessio Barreta • 50 ASX Stocks charts, updated weekly. Analyst: Shane Hua (CEWA-M) • Cryptocurrencies: Daily and 4-hour charts Analyst: Kittiampon Samboonsod (CEWA) • Currencies: Daily and 4-hour charts Analyst: Malik Awais • Commodities: Charts covering Softs, Grains, Energy, Precious and Base Metals. Analyst: Sanmi • 20 Global Indices: Weekly and daily charts update. Analyst: Malik Awais • • Additional Services: • Trading Recommendations: Portfolios - StockCheck, CryptoCheck, ForexCheck, CommodityCheck • Chat Lounge: Access to TradingLounge Analysts, chat with other traders, upload charts and videos • Elliott Wave Algorithm: Automatic Elliott Wave counting tool • Elliott Wave AI: Offers Elliott Wave analysis for our AI modeling • Software Tools: TradingLevels, Screeners, Portfolios, Charting etc. • • Special Trial Offer - Buy 1, Get 3 Months Click here tradinglounge.com/341 • YOU CAN REACH ME via: • LinkedIn: / petermathers • Facebook: / tradinglounge • Twitter: / tradinglounge • Risk Disclaimer - This is not financial advice. • The material does not contain (and should not be construed as containing) personal financial or investment advice or other recommendations, or an offer of, or solicitation for, a transaction in any financial instrument. The information does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. TradingLounge accepts no responsibility for any use that may be made of these comments and for any consequences that result. • TradingLounge™ uses a range of technical analysis tools, such as Volume Analysis, TradingLevels, Elliott Wave, software, and fundamental analysis as well as economic forecasts aimed at minimising the potential for loss. • The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership and social media platforms has been prepared without taking into account your particular objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. • #elliottwave #commodities #investing #cocoa
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