Cocoa has been in a strong uptrend for over a year. What is more important is that this rise is in five waves. So, having a finished impulse to the upside it is appropriate to prepare for a decline of the same degree. This is why we think that cocoa could fall, at least temporary. It is not easy to be bearish at tops, but that is where the Elliott Wave Principle is most helpful. Over the next year prices could drop significantly, at least to 2600. Maybe even lower.
Chart by www.trader.bg
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