The 39.40 pullback target on JO (coffee ETN) from the Dec 17th post, Coffee Initial Bull Market Target Hit for 60% Gain, Correction Likely, has now been hit for an additional 8%+ profit with a slight momentum-fueled overshoot so far today which likely to be followed by a tradable bounce from here & possibly the next leg higher within a new bull market. The previous 60-minute chart from that post (which can be viewed by clicking the link above) is below followed by today’s updated 60-minute chart.

/KC (coffee futures) have hit the 1.2418 pullback target with the next sell signal triggered on the break below that support level. I’ve added a couple of additional support levels that may come into play (1.1947, 1.1588 & 1.1433) & also note the potential (unconfirmed) positive divergence on the indicators below. While waiting for a break above the 60-minute downtrend line in /KC is the “higher-probability” entry for a long trade & can also be for a stop-loss for that still short coffee following the rally into resistance, overbought conditions, & divergent high last month, a case could also be made for an objective long entry here at the 1.1947 support on /KC and 39ish support on JO. Previous & updated 60-minute charts of /KC below.