KC_F, Coffee futures Day chart shows after a shallow bounce, the pull is lower to a Double Bullish PRZ (two harmonic pattern completion targets merging into one Potential Reversal Zone for a probable bounce region).
First there was a completion of an ABCD at 115.6, this is the pattern that went into Retrace Mode up to 138.60. That was approximately the 50% retracement target, respectable but still shallow, once that was as far as price could go, the implication was a retest attempt of 115.60.
Zip forward to now and what has occurred since the retest of 115.60 is a new harmonic pattern emerging, a Butterfly, colored in cyan. There's also a larger gray colored ABCD. Now both of these patterns need a caffeine crash before completing and they have a merge target ideally between 109.35 and 107.8 but could breach to 104.20. This PRZ offers a double shot of espresso, opening a door for buyers to step in. Whether buyers can perform there and how much is key, what to look for initially would be a hold above 109.35, then whether price can take out the Day Significant Levels (D Sig Lvl on charts), note they are the triangle points of that cyan pattern, they're always a good rule of thumb for targets. Each level that price can hold above increases the probability of testing the next level.
Yeah, I'm an espresso addict.
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