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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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.

mdkolev said...

Thanks Klout, very interesting software, but looks complicated like all Gann's methods.

klout said...

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/

klout said...

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