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).
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