Jump to content

Cocoa Elliott Wave Technical Analysis 1 March 24


Recommended Posts

Posted

Cocoa Elliott Wave Analysis - 1 March 24

Function - Trend

Mode - Impulsive

Structure - Impulse Wave

Position - Blue wave ‘iv’ unfolds

Direction - Blue wave ‘iv’ in progress

Cocoa has been a standout performer in the commodity market over the past two years, exhibiting a robust upward trend since September 2022. During this period, Cocoa prices have surged by an impressive 170%, following a discernible impulse wave pattern.

Examining the daily chart, it is evident that the current rally, which commenced around the 2200 mark, is approaching its final stages. The completion of black wave 5 marked the conclusion of blue sub-wave iii at 6500. The recent downward movement indicates the emergence of blue sub-wave iv. Based on projections, blue sub-wave iv of 5 is anticipated to progress towards the significant level of 8000.

A closer inspection of the sub-waves within blue wave iv reveals a potential three-wave decline, as depicted on the H4 chart. This decline from 6500 is forecasted to retrace towards the Fibonacci levels of 5489-5174. Additionally, the critical trading level of 5000 serves as another pivotal area to monitor for potential support should the ongoing dip breach the aforementioned Fibonacci zone. However, it's essential to note that the development of the wave 5 impulse pattern would be invalidated if prices were to fall below 4354.

In summary, adopting a strategy of buying into the dip appears to be the most prudent approach for traders interested in Cocoa. The focus will be on purchasing opportunities towards the end of blue wave iv of 5, particularly if there's a bullish reaction observed at the identified price support levels.

This analysis underscores the potential opportunities within Cocoa's current price movement and provides a framework for traders to navigate the market effectively. By incorporating Elliott Wave principles, traders can better understand the underlying market dynamics and make informed decisions to capitalize on future price movements in Cocoa.

Technical Analyst : Sanmi Adeagbo

 

 

a3debe86247f8508c7162c5f05cb5072

 

 

2b830b94a9cac15b26bb4e6de9632fa3

 

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Unicorn Ultra Network (U2U Network) has revolutionized cryptocurrency with a breakthrough solution to blockchain scalability issues. Their innovative approach offers infinite scalability, enhancing the efficiency of blockchain applications. U2U’s technology positions it as a leader in the crypto space, driving the future of decentralized finance (DeFi) and seamless real-world blockchain integration. Solving Blockchain's Scalability Challenge: U2U Network Leads the Way Blockchain technology has long struggled with scalability, hindering its ability to handle high transaction volumes efficiently. Networks like Bitcoin and Ethereum process only 7 and 15-25 transactions per second (TPS), while traditional payment systems like Visa can handle thousands of TPS. This scalability bottleneck leads to slow transaction speeds and high fees, limiting blockchain's real-world adoption. U2U Network offers an innovative solution, addressing this issue with infinite scalability to improve blockchain performance and make decentralized applications more practical for global use, enhancing the future of crypto and blockchain technology. U2U Network introduces an exponential scalability solution with its U2U Chain and U2U Subnet. U2U Chain, a DAG-based, EVM-compatible chain, offers low latency, faster transaction finality, and enhanced security through aBFT consensus and DPoS. Built on U2U Chain, U2U Subnet leverages Universal Messages Verification (UMV) and OstracismVM for seamless connectivity and interoperability. This combination allows U2U Network to achieve up to 72,000 TPS at launch, with a peak of 500,000 TPS and just 650 ms transaction finality, making it a groundbreaking solution for blockchain scalability and real-world applications. How to claim U2U Network (U2U) Token on Coinpedia Launchpad? Follow these steps below to claim a U2U Network token through CP Launchpad: Register on Coinpedia Launchpad: Sign up or log in to your Coinpedia account. If you don’t have one, create an account on the Coinpedia Launchpad platform. Complete KYC (Know Your Customer): Most platforms, including Coinpedia, require you to complete KYC verification to participate in ICOs. Submit the required documents and wait for verification approval. Deposit Funds: Deposit the required funds into your Coinpedia account. Typically, this could be in the form of cryptocurrency (e.g., BTC, ETH) or stablecoins, depending on the token sale's guidelines. Check for U2U Token Sale Details: Once your account is ready, navigate to the U2U Network token sale page on the Coinpedia Launchpad. Review the sale details such as the token price, allocation, and start/end time of the ICO. Participate in the Token Sale: During the sale period, use the available funds in your Coinpedia account to purchase U2U tokens. Follow the on-screen instructions to participate. Claim Your Tokens: After the token sale ends and if you have successfully participated, you can claim your U2U tokens. This may involve following a claim procedure via the Coinpedia Launchpad platform or receiving them directly into your connected wallet. Store Your Tokens: Once you’ve claimed your U2U tokens, ensure you transfer them to a secure wallet for safekeeping if they’re not automatically stored on the platform. For more accurate details about U2U Network's upcoming and ongoing crypto ICOs, you can visit their Coinpedia Launchpad and search for U2U Network listings on various cryptocurrency platforms and social media channels for updates and participation instructions.    
    • The ADA price has slipped into the red zone, currently trading below the crucial $1.20 level despite a weekly gain of over 15%. While the Cardano coin shows no immediate signs of bullish momentum, analysts remain optimistic about its potential upside. Short-Term ADA Price Prediction On smaller time frames, the ADA coin faces a pullback scenario. Key support levels lie between $1.11 and $1.21, with further downside risks if the price of Cardano drops below $1.05. However, if ADA coin regains traction, it could target $1.42, $1.72, and even $2.36 during a euphoric rally. Bitcoin’s Role in Cardano’s Future With Bitcoin’s dominance rising, Cardano crypto has been moving sideways. If Bitcoin consolidates above $100K, altcoins like ADA may rally. Such a scenario could see the Cardano price soaring to $2, a 33% rise from the current levels. Whale Activity and Long-Term Cardano Prediction Crypto whales recently accumulated over 100 million ADA, pushing the Cardano ADA price higher. Market experts foresee ADA forming a textbook ascending triangle pattern, potentially driving the Cardano crypto price to $1.50. Long-term Cardano predictions remain bullish, with some analysts eyeing a parabolic rise to $10 by 2025. Also Read: Optimism Price Prediction 2024, 2025, 2030 Cardano Price Outlook The Cardano price prediction 2024 suggests significant upside potential if ADA maintains its current structure. Traders should watch for breakouts above $1.25 and $1.33 to confirm bullish momentum.
    • MCD Elliott Wave Analysis Trading Lounge McDonald’s Corp., (MCD) Daily Chart MCD Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave {v} of 1. DIRECTION: Upside in wave {v}. DETAILS: We are looking for a top in wave 1 of (1) or what could also easily be wave (1) of Primary 5 as we have been trading around TradingLevel3 at 300$.   McDonald’s Corp., (MCD) 1H Chart MCD Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave (iii) of {v}. DIRECTION: Upside in wave (iii). DETAILS: Looking for upside into wave (iii) as we approach once again 300$. Ideally looking for a classic trading level around 300$ to then confirm the long position towards ATH. This analysis of McDonald’s Corp., (MCD) focuses on both the daily and 1-hour charts, using the Elliott Wave Theory to assess current market trends and forecast future price movements. * MCD Elliott Wave Technical Analysis – Daily Chart* MCD is advancing within wave {v} of wave 1 (or potentially wave (1) of Primary 5), as it trades around the significant resistance level at $300, which corresponds to TradingLevel3. This area is critical, as it could mark the completion of this impulsive wave or set up for the next phase in a larger bullish structure. A potential top formation around this level could indicate either the completion of wave 1 or an extended move higher in Primary wave 5. * MCD Elliott Wave Technical Analysis – 1H Chart* On the 1-hour chart, MCD is progressing in wave (iii) of {v}, with a clear upside momentum as it approaches the key $300 mark once again. The current price action suggests that MCD is likely to continue higher in wave (iii), and a decisive break above $300 would confirm the bullish case, with potential targets towards an All-Time High (ATH). Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!  
×
×
  • Create New...
us