Friday, October 20, 2017 7:45 AM EDT
Good day to all and happy Friday... Today, I enjoy my coffee with a bullish attitude as I am expecting prices to bottom and turn around from 122-123 upwards.
As mentioned in twitter (above), price followed the path expected and bounced according to the bullish setup we pointed out in my post in InsideFutures.com.
It was time for Coffee to bounce below 123.75. Coffee must break above the triangle/wedge pattern and if it does, I will be expecting it to reach the kijun-sen (yellow line indicator) around $132.50. A more optimistic target will be the underside of the Kumo at 135.
(Click on image to enlarge)
With Coffee, there is also some talk about Sugar… as both go together in real life… but not in the markets (at least the short-term).
Sugar (SB) has been trading mostly sideways for the last few days but why? Because if you look at the larger picture, I believe that Sugar is making a triangle pattern in a wave 4 position. This implies that there are chances favor a downward breakdown for wave 5 towards 13 and lower.
(Click on image to enlarge)
Support is at $13.90-$13.70. Resistance is at $14.30-$14.50.
(Click on image to enlarge)
Concluding, I’m bullish short-term Coffee and bearish medium-term Sugar. Let’s see how these play out.
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