Jul 15, 2010

SUGAR- Elliott Wave Update

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!
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