Jump to content

Cocoa Elliott Wave Technical Analysis 12 March 24


Recommended Posts

Cocoa Elliott Wave Analysis - breaks into a new all-time high

Cocoa, in its recent movements, has broken above its previous all-time high at 6696, surging to a new peak at 6789. This upward trajectory suggests a continuation of its bullish momentum. The question that arises is: how much further can this upward trend extend?

Examining the daily time frame reveals a robust bullish trend that has recently undergone a shallow pullback, likely representing the completion of blue wave iv of 5 of (C) of Y. This indicates that the bullish trend may be approaching its final stages before a notable bearish correction ensues. However, it's important to note that the final stage, wave v (blue) of 5, is still in its early phases. Utilizing Fibonacci projection techniques, it's plausible to anticipate an extension of prices to around 8000 in the upcoming weeks.

Zooming into the 4-hour time frame, it becomes evident that wave (i) concluded at 6692. With the subsequent breach of this high, wave (ii) is anticipated to have completed as well. Currently, wave (iii) is unfolding and could potentially reach 7654, representing a 161.8% Fibonacci extension of wave (i). Given the remarkable strength of the bullish trend, setting a target of 8000 doesn't seem unreasonable. This scenario appears to be the most apparent and plausible. Even in the presence of alternative wave counts, the overarching direction remains skewed towards the upside.

In essence, Cocoa's price action indicates a compelling bullish sentiment, supported by both daily and 4-hour time frame analyses. While a significant bearish correction may loom on the horizon, the current trajectory suggests further upside potential, with a possible extension towards the 8000 mark in the near term. However, traders should remain vigilant and adaptable to potential alternative scenarios as the market evolves.

Technical Analyst : Sanmi Adeagbo

 

 

f9fa450551302acdf35ae2882b84ed66

 

 

1daf55afe264226087dfac1eacefb67a

 

 

Link to comment

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

    • Certain centralised platforms have been very intentional about creating wealth for its users to this end CEXs like Bitget have built certain frameworks to aid this adequately.  Through the instrument of its launch pool, it lets users earn massive APR thus providing a good ground for wealth creation. The performance of some of the launchpool projects lends credence to this, the likes of $ENA, $ZKF $GRAPE and a host of others generated good APRs.  In an almost similar exactitude as the launchpool, the PoolX is the new framework that lets users earn by staking $BGB and $USDT to mine other tokens on the platform. From the products Bitget have brought forth it is safe to say the platform is playing a worthwhile part in wealth creation to every crypto enthusiast around the globe.  Personally, I have participated in these and i will say they are worthwhile opportunities to make fortunes off of, i will advise you jump on it too anon.
    • Certain centralised platforms have been very intentional about creating wealth for its users to this end CEXs like Bitget have built certain frameworks to aid this adequately.  Through the instrument of its launch pool, it lets users earn massive APR thus providing a good ground for wealth creation. The performance of some of the launchpool projects lends credence to this, the likes of $ENA, $ZKF $GRAPE and a host of others generated good APRs.  In an almost similar exactitude as the launchpool, the PoolX is the new framework that lets users earn by staking $BGB and $USDT to mine other tokens on the platform. From the products Bitget have brought forth it is safe to say the platform is playing a worthwhile part in wealth creation to every crypto enthusiast around the globe.  Personally, I have participated in these and i will say they are worthwhile opportunities to make fortunes off of, i will advise you jump on it too anon.
    • For example, look at today's 15/04/24,  DAX (Germany) 40 chart action. I predicted that the market would take off up from the very start and have a positive morning.
×
×
  • Create New...
us