Coffee Primed for a Decline

26 giu

Like FOREX pairs, commodities are often very long to correct and have blow off tops. While I'm not certain on the long term count, I can isolate a highly probable next move in a flat pattern visible clearly on the daily timeframe. Where that flat pattern fits in to the bigger picture doesn't much matter. As Elliotticians, we want to "catch the three." As in, wave 3 is often a very powerful move. As can be seen by the chart below, it's a very reasonable and highly confident setup that Coffee will initiate a nice decline.