Coffee has broken through the UMLP of the grey down sloping fork and seems to have good upside potential and i have struggled to find any downsloping ML's offering resistance. First target has to be 1.55 to 1.58 ($ per pound) level where we have the red UMLP and the black modified Schiff fork which captures the same frequency but great care should be taken as we will also be on /near the UMLP of the long term daily black ML set and on its first attempt i have no doubt that there will be a vicious downward reaction (even if it finally goes through). Guess you should get into a lower TF (see 60 min below) and try yo get long on any retouch of the CL or LMLP if price action remains bullish and healthy.Another approach would be to see if we get a retouch of the grey UMLP that we have just busted through in the daily charts.
Here's another technical report
http://www.elliottwave.com/freeupdates/archives/2010/06/11/No-Good-Fundamental-
Reason-Why-Coffee-Soars-To-7-Month-High.aspx
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