NY cocoa may bounce toward $5,741

SINGAPORE, Oct 2 (Reuters) - New York December cocoa may bounce further toward its September 28 high of $5,741 per metric ton, as a five-wave cycle from $6,819 has completed.

The completion was indicated by the strong surge from $5,054 and the bullish divergence on the hourly RSI. The peak of the wave d at $5,741 serves as a target.

Strategically, the target will be confirmed when the market breaks $5,478.

* The cocoa report is published every Wednesday and Friday.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on Workspace - a platform provided by London Stock Exchange.

*** No information in this analysis should be considered as being business, financial, or legal advice. 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.