The sugar bulls seem to be still breathing. The price tested important support and bounced up successfully for new corrective high. Most likely the price will nest at $24.56 area and then will collapse for "C" wave of a "zig-zag". There are few evidence supporting that scenario :
The price will meet 61.8% of "A" wave.
There is 161.8% of the corrective (a) wave.
If we overcame 38.2% will see the right shoulder of potential H&S pattern completed, and that zone in the bigger ellipse matches with the target roughly.
See the circled bar in red.
Good luck trading!
4 comments:
mdkolev
said...
Hi Klout, $24.50 lays exactly on 225 degree in my angle calculator. Probably that point is a mid top, I don't have confirmation for extreme point yet. Most likely the price will continue to $26.75, where 270 degree is. Watch for reversal dates: (Oct 21 primary)and(Sept15,26, Oct8 Secondary) Thanks for your following.
4 comments:
Hi Klout, $24.50 lays exactly on 225 degree in my angle calculator. Probably that point is a mid top, I don't have confirmation for extreme point yet. Most likely the price will continue to $26.75, where 270 degree is. Watch for reversal dates: (Oct 21 primary)and(Sept15,26, Oct8 Secondary) Thanks for your following.
Thanks Klout, very interesting software, but looks complicated like all Gann's methods.
here is my sugar count so far on the C wave.....if u have time please post a revised count with ur targets....sweet !!!
http://www.flickr.com/photos/kloutt/4995145013/
i see u are a student of mr. gann as am i
i found a great software program on the web called GANNZILLA......just awesome
here is the link to the software
http://files.mail.ru/YERBYC
here is the link to the dude who wrote it....great reading material there too
http://gannzilla.livejournal.com/
i also use a combination of EWT and mr. gann's techniques to forecast daytrades in ES and SB
just killin SB lately
peace and blessings
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