Cocoa Elliott Wave technical analysis [Video]

Cocoa Elliott Wave analysis - Bullish trend persists

Function - Trend.

Mode - Impulsive.

Structure - Impulse Wave.

Position - Red sub-wave (iv) of blue wave iii.

Direction - Red sub-wave (v) of blue wave iii.

On the daily time frame, our Elliott Wave analysis reveals a compelling structure in the ongoing impulse wave, originating from the pivotal breakout at 2198 after the breakout of a 23-week triangle range. This current impulse, labeled in black, is anticipated to culminate in the expansive red wave (C) within the framework of the largest blue wave Y that this timeframe could capture. Consequently, we anticipate a continuation of the upward trajectory, with a projected rally toward the 7000 level. Significantly, our observation indicates that the present impulse wave is in its final phase, denoted as black wave 5.

Zooming in on the 4-hour time frame, we identify the internal sub-waves composing wave 5, specifically focusing on the progression within the blue sub-wave iii of 5. Our analysis suggests that we are currently navigating through the internal waves of the blue wave iii. Notably, the conclusion of red sub-wave iv within blue iii materialized around the 5336 mark, poised to surpass the preceding peak of red sub-wave (iii) situated at 5800. This impending breakout calls for the emergence of a fresh bullish momentum, steering the price action towards the 6500 threshold to complete the blue wave iii, with prospects of extending further upwards to complete black wave 5.

In summary, our analysis suggests that the current upward movement is still intact, and we're anticipating a breakout on the 4-hour chart that could lead to more gains ahead for Cocoa buyers.