Asia stocks slip as looming tariff deadline eclipses trade progress
Let's look at cocoa and see what we have here.
Cocoa is trading clearly bearish since 13th of June, where we labeled end of a corrective retracement.
That said, we have already seen a five wave impulsive structure, which means current slow and three wave pull-back can only be a temporary correction. We see red waves a),b) and c) potentially completed, which means more weakness can follow in the near-term. But we also know that corrections can get complex, and this is why current drop can only be a fake one.
Cocoa, 30min
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