Cocoa Wave Analysis 1 March, 2021

• Cocoa broke resistance level 2564.00

• Likely to reach resistance level 2658

Cocoa continues to rise strongly after breaking the resistance level 2564.00 (monthly high from January) – after it broke the daily down channel from December.

The breakout of the resistance level 2564.00 accelerated the active impulse waves 3 and (C).

Cocoa is likely to rise further toward the next resistance level 2658 (double top from December) – followed by 2715.