Coffee Traders Forum
[ Post a Response | Coffee Traders Forum ]
Update of Dec Coffee Weekly Chart
Posted by Spike
on September 5, 2020, 2:24 pm
My last post I mentioned that there would be a reaction high...as you can see it did develop, price then moved higher. We have come to another place where a new reaction high may develop. You would look for two to three bars being down bars. I have retired a line or two and adjusted a couple and added the new red line...these are you likely places for a pivot to form. I also inserted the reaction lines for the violet dotted line not shown on previous post.
Caution is advised, there is a possible temp high on the monthly, the pattern is the 25% line...if price can't make it to it and break it, you would look for a test of the lows.
Learn the lines.