Coffee broke below major support today, but did not close below it as price recovered to close out the trading session. All this has occurred on a day where short and intermediate-term cycles appear to be at bottom.
Besides finding additional support at 100% expansion of the February 7, 2012 top to February 16, 2012 bottom and subtracted from the February 28, 2012 top, the short-term daily cycle bottom for Coffee falls around March 12-13. The intermediate-term cycle bottom is due around week ending March 16, which is this week. These are some of the reasons why I believe that the probability of a rally in Coffee at this time is very high.
