Cocoa Wave Analysis – 27 December, 2019

• Cocoa reversed from support area
• Likely to rise to 2500.00

Cocoa recently reversed up from the support area lying between the support level 2400.00 (which has been reversing the price from October), lower daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp upward impulse 1 from August.

The upward reversal from this support area started the active short-term impulse wave 3.

Cocoa is expected to rise further in the active impulse wave 3 toward the next resistance level 2500.00 (former support from the start of December).