Cocoa Commodity Elliott Wave technical analysis [Video]
Cocoa Elliott Wave analysis
Cocoa is pulling back against the recent all-time high. However, the pullback is expected to finish above the October 2024 low and return upside to continue the all-time bullish sequence. Thus, buyers can buy at the end of this pullback.
Daily chart analysis
On the daily chart, a bullish impulse wave structure is emerging from the lows of April 2017. Price is in the 3rd wave of the bullish impulse structure - wave ((3)). Meanwhile, wave (4) of ((3)) finished at 6.43 in October 2024 and (5) is emerging. Along the path of wave (5), the current pullback is expected to be wave 2 of ((5)) and will remain valid for as long as the low of October 2024 is not breached.
![Cocoa Commodity Elliott Wave technical analysis [Video]](https://socialstatic.fmpstatic.com/social/202502/334666fab74a4d87b0e16c99d514dd15.png?x-oss-process=image/resize,w_1280/quality,q_70/format,jpeg)
H4 chart analysis
The H4 chart shows the sub-wave of waves 1 and 2 of (5). Wave 2 is evolving lower as a double zigzag structure entering a key Fibonacci zone (8.68-6.76), which could find the next resistance to begin wave 3 upside. Unless a breach of 6.43 happens, buyers should expect the upside to be favored from the Fibonacci support zone.
![Cocoa Commodity Elliott Wave technical analysis [Video]](https://socialstatic.fmpstatic.com/social/202502/1f1b9bad39b44c8b893bf3a9ee24e5b1.png?x-oss-process=image/resize,w_1280/quality,q_70/format,jpeg)
Technical analyst: Sanmi Adeagbo.
Cocoa Elliott Wave analysis [Video]
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