Chart of the day

Cocoa reached the 11000 level which could also be a third wave peak of a new uptrend five-wave cycle. Now it is testing a bearish flag resistance 9800.

A break below 9800 is now required for a deeper pullback to the 7000-7800 zone. A confirmed break above 10300 will lead to another test of 11000 for an immediate upside continuation.

_{Look for the short trade entry with a stop loss above 10600 in the case of a break below 9800. Long trades you can take in the case of a confirmed price action break above 10600.}

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