November 1, 2024
I examine the recent performance of Cocoa futures, which have seen a massive rally from $2,900 in March 2023 to a peak of $11,700. Currently, the price is testing the 50-week moving average, a critical level that could signal a shift in market structure. I discuss the four stages of the market structure and analyze whether we are entering a stage four decline or into a period of consolidation.
