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Coffee Rallies 27c in 3 days, Bubble or Boom?

Just a few weeks ago #coffee was below $20 and the downtrend from $250 had decimated many bulls. However, since that peak bearishness, we have seen a trend channel steadily recover #coffeefutures prices culminating in a 27c rally in just 3 days! This is not behaving like a bear market...or is it?

The chart below is a graph of the anatomy of a bubble and I present it here as a cautionary tale.

There are two sides to every story and I certainly will not deny that the market can go to $3. That's always been the target for many people, and many folks were surprised when we didn't get to that level in the first half of 2022.