New York coffee is expected to retrace more to $2.8890 per lb, based on its wave pattern and a Fibonacci retracement analysis.
A five-wave cycle has completed on the rise from $2.6690 to $3.0250, and a Fibonacci retracement reveals an immediate target at $2.8890, the 38.2 percent level.
A rising channel will be violated, with a projected target pointing to the same as well.
Resistance is at $2.9820, a rise above which will confirm the resumption of the medium-term uptrend towards $3.05. ----
