Chart of the Week - Sugar
SB Sugar
Sugar saw another leg up above the September high, around 20 cents, to give us a better looking five waves up to complete wave 1. Since then, looks like we may finally have the deeper correction we had been looking for. Still working on what appears to be wave (a). Would prefer to see a little deeper, before putting in a (b) wave sucker rally. It’s also possible we are already in that (b) wave, based on this week’s rally. Either way, we should see another leg down to the Fibonacci retracement support that lies around 17 cents to complete wave 2. Looks like nothing immediately bullish yet, but once we are in the green support area, we may have a favourable long setup.
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