The minimum projected price is $2,199 per ton and the bottom of the forecast shows a possible 100% retracement of the uptrend to carry the market back below the $2,000 level.

While this is a short-term bearish pattern, the gains in cocoa so far this year have been extraordinary. The potential remains quite high that this pullback will prove to be a buying opportunity in the longer term. Traders playing the short side should maintain stop-loss orders in the event of a sharp reversal once the breakout is complete.

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