In Figure 1, you can see the wave count from January 2021. A continuation of the upward correction β· with the target zone 18.04-21.27 was predicted. At the moment, the set goal has been achieved, the corrective wave looks completed. The probability of resuming the decline by the final βΈ of e of (IV) is high. _______________________________________ β SUGARUSD - OANDA π TF: 1D Fig.2
An alternative wave count is marked in black, in which the minimum of 2020, the level of 0.9051, corresponds to the top of the supercycle(IV). This counting option will become more relevant if the subsequent series of ascending zigzags, which at this stage is marked as (W)-(X)-(Y) of β·, takes the form of a . _______________________________________ β SUGARUSD - OANDA π TF: 4h Fig.3
Provided that waves (1)-(2) are formed as part of the emerging bearish trend, the first of which goes beyond the top (X) and consolidates under the lower border of the rising channel, there will be a good prospect for a short position.