Cocoa's primary trend flipped down at the end of the June. The trade has produce a 1% profit so far. None of the time frames in the composite trend are showing extreme price or cycle readings.

Cocoa's decline is being blamed on lower consumption because of COVID19, but it's clear that the bearish energy build on January 21 has fueled the collapse. Assign whatever reason you like, it doesn't matter. The trend will likely stand in place until a bullish energy build materializes to slow or reverse it.

Cocoa's DI

Cocoa's ProIndex suggests that decline is being lead by public selling. Professionals have been buyers in 2020. These trends do not provide strong support for the bears.

Cocoa ProIndex