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Cocoa Wave Analysis – 14 November, 2019

  • Cocoa broke long-term resistance level 2555.0
  • Likely to rise to 2750.00

Cocoa recently broke sharply above the key long-term resistance level 2555.0 (which has reversed down multiple upward waves from June, as can be seen below).

The breakout of the resistance level 2555.0 is aligned with the active short-term impulse wave 3 from the start of November

Cocoa is expected to rise further toward the next resistance level 2750.00 (target price for the completion of the active impulse wave 3)

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