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Wednesday, March 7, 2012

$COFFEE: Monthly and daily EW count. Wave 4 or wave 2 & targets





A good friend of our blog is interested in the development of the price of Coffee,that is an commodity.
What we can see, in the monthly chart, is that a wave 3 or,alternative, wave 1 is in place and a wave 4 or,alternative,wave 2 is in play. If wave 4,it's maximum target could be to the 50% retracement (orange) and if wave 2,it's maximum target could be 100% retracement.Both waves are obligatory retracement waves and will have 3 sub waves, a,b & c.

In the daily chart we can see that,maybe, price is in an wave 3 down.

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