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February 25th, 2015: Initial JO (Coffee) Wave Count

Posted by pugsma on February 25, 2015

5:25 pm EST:  Below are my initial thoughts on a potential JO (Coffee ETN) wave count.

There was a bear cycle low at 20.37 in Nov 2013.   From the 20.37 low a new bull cycle began and P1 reached 42.87 in Apr 2014.  Since then P2 has played out as and [A]-[B]-[C] corrective that today reached a 78% Fibonacci retracement of 25.32.   Should P2 need to correct a little further, there are still potentially lower P2 targets at the 88% retrace of 23.07 and the major [C]=1.62[A] target of 22.79.  Once P2 completes in the next few weeks, P3 should get underway and make a new high above 42.87 with potential Fibonacci extension targets are P3 = 1.23*P1 = 53.00 and P3 = 1.62*P1 = 61.77.

JO 4-hr chart (EOD):

PUG JO 4-hr chart EOD 2-25-15

JO daily chart (EOD):

PUG JO daiily chart EOD 2-25-15

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