09 June 2016 at 20:22 GMT
There's been talk of Coffee as of late. No wonder as we can still remember that massive rally kicking off back in November 13. Could there be another one coming? As many other commodity related markets something appears to have happened back in January. Ascents started to last longer then prices were falling. From a time cycle perspective the decline from the 2011 highs, into the low and the massive bounce took 1261 calendar days which is spot on the SW on the Gann Wheel. From there we are looking at alignments of 360 degrees, on January 20 2016 alignments are close but not perfect. In 2011 price peaked at 308, the January low at 111 is on a 180 degree alignment...From an Elliott wave perspective it looks like an ABC correction with an extended wave A and a shorter wave C...If the trend has truly turned price should be able to hold above 111 and a bear market rally should be able to last for at least 469 calendar days.