Coffee Elliott Wave AnalysisCoffee is returning to the upside after a five-week pullback. In the coming days, the commodity will aim to breach the 275.1 September 2024 high to continue the long-term bullish sequence.This long-term bullish path started in May 2019. It completed the first leg (cycle degree wave w) in February 2022 and then followed the 2nd leg pullback (cycle degree wave x) which ended in January 2023. The 3rd leg (cycle degree wave y) is currently emerging from January 2023 and has already breached the February 2022 top. Thus, cycle degree wave x could extend to 317-358 in the coming weeks or months.Daily Chart Analysis The daily chart captured the progress of the ongoing cycle degree wave x from 141.85 January 2023 low. The rally is emerging into a double zigzag structure with the primary degree waves ((W)) and ((X)) finished respectively on April 2024 and May 2024. Price is current at wave Y of (W) of ((Y)) which can extend higher to 296 for completion before the next significant pullback in wave (X) starts.
H4 Chart AnalysisThe H4 chart shows the completion of wave ((b)) of Y of (W) and the current rally from November unfolding as wave (a) of ((c)) of Y of (W). Thus, the short-term path favors the rally to continue to 296-300 and traders can buy pullbacks along.
Technical Analyst : Sanmi AdeagboMore By This Author:Unlocking ASX Trading Success – Scentre Group
Elliott Wave Technical Analysis – Salesforce Inc.
Elliott Wave Technical Analysis TASI Index
