On August 25, Commodity Pro Service editor Jim Martens saw something in the coffee chart that bothered him.
He showed this chart and told subscribers:
Commodity Pro Service, August 25, 2026
“The bullish outlook stands, but if a larger wave II correction is unfolding, coffee will turn lower from nearby levels. The overlapping rise from 293.25 to a double top near 341.80 could represent wave ((B)) of a flat correction.”
Coffee gapped lower two days later.
On August 27, Jim updated his forecast:
Commodity Pro Service, August 27, 2026
“As warned on Tuesday, the double top represents wave ((B)) of a larger wave II correction: a flat. Wave (C) should exceed the end of wave (A) at 293.25, and wave II will retrace 61.8% of wave I at 273.90.”
What Happened Next
Less than a month later, December coffee reached the 273.90 objective Jim had identified.
From Jim’s August 27 outlook to the target, coffee declined approximately 12.6%.
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Jim Martens Chief Commodity Analyst
A 35-year market veteran, Jim Martens has taught Elliott waves at dozens of trading seminars around the world and has always enjoyed interacting with subscribers. Jim began his study of R.N. Elliott’s Wave Principle in the mid-1980s, which led to a position with Sabin Commodities at the Commodity Exchange Center in New York. He joined EWI in 1993 and soon became the editor EWI’s Currency Outlook of our Currency & Commodities Forecast. In 2000, Jim accepted an invitation to join Nexus Capital Ltd. as their Chief Technical Analyst. He returned to EWI in 2004 to lead our FX and cryptocurrency teams. Jim now runs our Commodities Pro Service, Commodity Junctures, and is also a Trader’s Classroom Instructor.
