After roughly two months of lateral chop, overnight’s recovery above 05-Feb’s 127.87 smaller-degree corrective high in the now-prompt May contract renders Jan-Feb’s sell-off attempt a 3-wave affair. Left unaltered by a relapse below at least last Fri’s 122.10 low, this 3-wave affair is considered a corrective/consolidative event that warns of a resumption of the Nov-Dec’s uptrend that preceded it. Please review today’s Technical Webcast for details that include the May Cocoa market’s break below the past two months’ support that resurrects Nov-Dec’s peak/reversal.
