Jump to content

Cocoa Commodity Elliott Wave Technical Analysis


Recommended Posts

Posted

Cocoa Elliott Wave Analysis

Cocoa continues to build on the recovery from late October against the April 2024 record high. While the recovery should continue higher, traders shouldn't write off further decline.

Daily Chart Analysis

From October 2022, cocoa prices rallied in a 5-wave impulse structure from 2198 to a record high of 11,722 in April 2024. From the Elliott wave perspective, a 3-wave correction follows a 5-wave trend in the opposite direction. After the 11722 peak, prices have plunged from April 2024 to October 2024 at 6428. Meanwhile, this decline completed a diagonal structure identified as wave A of the entire correction from 11722. This means traders can anticipate a 5-3-5 zigzag structure. Thus, the current bounce should be wave B emerging into a corrective structure. However, it appears wave B has not yet finished. Following the end of wave B should be another decline for wave C below 6428 toward 5,000. Meanwhile, it’s important to note this forecast for wave C will be valid if the bounce from 6428 completes a corrective structure below 11722.

Commodities24(1).thumb.png.18be5f07c9aea1fa22c3de58e2c1ea29.png

 

H4 Chart Analysis

The H4 chart shows the price in wave ((a)) of B. Wave ((a)) is close to completion and should be followed by wave ((b)) correction soon. Meanwhile, one more leg higher should happen for eave ((c)) of B before the decline from 11722 continues lower for wave C.

Commodities24.thumb.png.2b496c5f6bbd468c9c59e004ba11f98f.png

Technical Analyst : Sanmi Adeagbo

Source : Tradinglounge.com get trial here!

 

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

    • Ethena (ENA) shows strong bullish momentum, making $3 a realistic target by 2025. With growing adoption, increasing trading volumes, and positive market sentiment, Ethena's price trajectory looks promising. Technical indicators, such as the Golden Cross and overbought RSI, further support this upward trend, attracting both investors and crypto enthusiasts. Currently trading at $0.96, Ethena has shown strong bullish momentum, recovering from lows of $0.2 earlier this year. The coin experienced a recent high of $1.04 and is heading toward a critical resistance zone between $0.98 and $1.05. A breakout from this level could pave the way for a surge toward a new all-time high (ATH). The 24-hour trading volume has surged by over 43%, reaching $457.99 million, while the market cap has climbed to $2.88 billion. With 92% bullish sentiment and a Fear-Greed Index of 85 (extreme greed), market confidence remains high. The Coinpedia Market gives us the price chart of Ethena price  Explore the Ethena price prediction and its potential to reach $3 by 2025, driven by strong market momentum and bullish trends. According to Coinpedia data Ethena's technical indicators show strong bullish signals, with a Golden Cross occurring as the 50-day and 200-day moving averages cross, indicating upward momentum. The RSI is at 76.61, signaling overbought conditions but reflecting growing bullish sentiment. Key resistance levels are at $1.008 and $1.21, while support sits at $0.465, highlighting crucial price zones for future movement. Ethena offers innovative solutions like its synthetic dollar protocol and "Internet Bond," drawing attention from the DeFi space. With market optimism and a bullish trend, Ethena remains a promising investment for 2025 and beyond.  
    • Hi @MattAnt, To find the US shares available for your IG self-invested SIP account, simply click on the Shares list on the left-hand side of the platform. From there, use the filter option to select the country and choose US. This will display the list of US shares available for you. All the best, AshishIG
    • Elliott Wave Analysis TradingLounge Bitcoin/ U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse position: Wave (3) Direction Next higher Degrees: wave V Wave Cancel invalid level:  Details: The five-wave rise of wave V is likely equivalent to wave (I). Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: Wave (3) appears to have ended and price is now entering a correction phase in wave (4), so wait for the correction to complete to rejoin the trend. Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum. Bitcoin/ U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse position: Wave (4) Direction Next higher Degrees: wave ((3)) Wave Cancel invalid level: Details: Retracement of wave 4 before rising again in wave 5. Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: Wave (3) appears to have ended and price is now entering a correction phase in wave (4), so wait for the correction to complete to rejoin the trend. Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum. Technical Analyst: Kittiampon Somboonsod Source : Tradinglounge.com get trial here!  
×
×
  • Create New...
us