The SOFTS charts together for easy comparison
calling Cocoa to join them, starting today. Buying right after a really "Hard Down" the last couple weeks
looking at May Cocoa right now at easy roundball number at $2500 for a 10 Ton futures contract
interestingly, works out to $1.25 per pound, coffee now twice that
and shockingly Cotton reaching up above a dollar per pound
March CoCoa daily showing 4:30 this morning opening, green candle developing bottom
there are 12-17 day cycle lows reliable and today is a 14th day, so, in the window
seasonally CC is a buy and hold until February into March, fits the picture
Real time, half hour into trading and fast 10 minute chart shows turnaround from the open, picture perfect
Motto of story, the early openings of the SOFTS like COCOa are super interesting, CoCoa opens 4:30 AM Eastern,
"lazy" and "smart" Orange Juice gets out of bed at the easy 8 AM alarm
Just over an hour into trading and fast 10 minute chart shows continued bull embryo development
first mini correction currently being digested
Cocoa price historically linked to the British Pound currency, London Exchange being the original home of Cocoa trading. The Pound had been going down, mirror of Cocoa, today has halted and in process turnaround too
buying the BP British Pound at $1.3385 thereabouts, take a look fas 10 minute now realtime
Wonderful charts..........thanks hayman!
Using Barchart.com site chart to construct a daily candlestick May Cocoa that show a triangle that has been under development since November of 2021, about 3 months, coming to an apex 2 weeks from now. Early January the price launched a bull run that punctured the triangle and ran to what calculates as a 78.6% extreme Fib retracemment. Importantly, it symmetrically reversed and swooped back down to retest the breakout. Not bothering to stop at the triangle top, price fell right down to the triangle bottom. And it did it in a way that made a couple of tiny body star nearly doji candles before finally dumping on a gap down hard fall. Friday's open was the low and proceeded to rise and engulf the prior hard down candle. The gap right overhead begs a gap opening on tomorrow's open at 4:30 AM Eastern. Monday concludes the month of January and might demand resumption of the uptrend breakout after going back inside the triangle and test tapping the very bottom. This is a 200 point width triangle that projects an objective that calculates to 200 points added to the triangle top price of about 2600, namely 2800. Basically back to the early October 2021 highs from where we came. That's about 250 points ($2500 per contract) from Friday's settle. This daily fits within an larger overall long term pattern that portends MUCH HIGHER prices, to 3100 and even higher. This will be a fast market as it adjust to a new reality and should kick off with a better than 100 point gain on Monday. Symmetrically reflecting the steep rate of prior descent as it repunctures the triangle top with a vengeance, making up for "lost time". Technical talk speaks to the 2800 objective being met by apex time, in other words, within a couple weeks. I'm thinking even quicker.
The overall larger enveloping triangle has double the width, 400 points. And this added on to the new higher triangle top of about 2700 then projects a 3100 objective by March end.
Finishing with a monthly candlebar perspective, long term glaring triangular congestion squeals squeeze release please. Moving the nearly 1000 point triangle width above the 2800 triangle top breakout projects to about 4000 by fall 2022.