Conclusion: i'm bearish, but probably a buy near 2.00 and a sell into the 2.13 area with a tight stop and possible new short near 2.20. A definite sell beneath 198.65/35.
* Daily closing beneath 10 and 20 day MAs
* Further sell confirmation on daily Slow Stochastic
* UBS to liquidate 9,000 lots for index fund
* Brazilian farmers not likely to sell before next year due to tax incentives.
60 Min - possible bullish wedge, but I am still looking more at an elliot ABC correction down.
Key proprietary indicator - broke support (held for 8 weeks).
Euro/Daily - broke key support but found support at 1x1 multiple of first wave down. Leave open this as corrective with invalidation given on a close above 134.47. However, still held back by 10 and 20 MAs. Any indication that up trend has resumed will be bullish coffee.
Weekly - bearish shooting star and engulfing candles. Last week was an indisde week. Slow Stochastic with bearish divergence.
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