First off, I am merely a Coffee lover not a Coffee trader. I haven't traded a single contract of KC ever.
But I just wanted to quickly take a peek at the EW structure of Coffee as it is brewing up a lot of interest lately on Timeandcycles.com with its continuous drip lower.
This is not a timing post or short term post, just a long term Coffee prognostication based on EW structure.
With that out of the way, I see nothing BULLISH in Coffee chart, it may find floor at 108.68 and/or go to 128-130 first or after hitting 108.68 over the next 4-5 weeks. 128-130 is serious EW structure resistance that will cause resumption of downtrend. As long as this range level holds on DAILY CLOSES, chances are Coffee is retracing towards the base of 2002 rally longer term, but a print sub-80 over the next few years may provide some temporary relief to the drip. So let us say for now Coffee has a target of 80 over next couple years.
Good luck!
