SINGAPORE: New York September coffee may fall into a range of $1.1845-$1.1990 per lb.

A long-shadowed shooting star formed on Wednesday. It indicates a further drop from the current level.

A five-wave cycle from $1.0615 looks complete around a resistance at $1.2745, the 314.6pc projection level of an uptrend from $0.9630.

The wave 4 ended around $1.1610, which works as a target.

Resistance is at $1.2220, a break above which could lead to a gain into $1.2365-$1.2465 range.