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Elliott Wave: ICE Arabica coffee futures remain bullish in short term

For long term trend, since October 2014, ICE Arabica coffee futures has developed a period of downside corrective consolidation with the Contracting Triangle (CT) wave pattern. Now we’re at the beginning of wave D and we have more two legs to finish the CT wave pattern. After that Arabica coffee futures will start for a new uptrend in long term in wave (C) within the Impulse (IM) wave pattern.

For short term trend, I appreciate the possibility that July ICE Arabica coffee futures established a bottom (of wave C in Zigzag (ZZ) wave pattern) at around 128.50 cent/lb on 28 April 2017 and now in wave D. Short term trend turns bullish. In the week to come, if there’s a break over 137.50 cent/lb, the upside move will target 143.00 – 146.00cent/lb resistance zones.  

For intermediate term trend, I expect wave D will target 156.00 – 162.00 cent/lb resistance zones as long as 128.50 cent/lb support zone is not broken.

Regarding trading strategy recommendation, I will suggest a buy order between 135.00 – 136.00 cent/lb with stoploss at 132.00 cent/lb and takeprofit at 143.00 cent/lb.

Happy trading!

By Jack Huyn

Please be informed that information I provide is for educational purposes only and not intended as investment advice. Information and analysis above are derived from utilising methods believed to be reliable, but I cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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