Cocoa's overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
P and REV, both less than zero (red box), define an down impulse (chart). These trends favor continuation of the decline.
The Matrix shows cocoa has been a focused bear opportunity in the the fourth week of July 2016. This opp has produced a 93% annualized return for the bears. A focused bear opp within a down impulse maintains cocoa as a sell.
The Matrix updates the the progress of this trade as well 32 other markets. It also includes Intermarket analysis that includes market leadership and risk appetite, a true economic activity composite for the United States (EAC), and long-term concentration (cycles) and direction for US stocks, bonds, and commodities. The later is important for long-term timing.
Market-driven money flow, trend, and intermarket analysis is provided by an Insights key.