SINGAPORE: New York March cocoa may fall to $2,611 per tonne, following its failure to break a resistance at $2,698.

The failure confirms a completion of a five-wave cycle from $2,471.

A decent correction has started, regardless of a possible extension of the uptrend.

A break above $2,698 could lead to a gain to $2,751.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.