This trader expected to see bottoming action on 77th day down as that was the given structure for Sugar. However while making this swing down it exceeded the last swing up both in Time and Price. Per trend rules, markets that overbalance in Price and Time are markets that shift in trend. Overall we traveled down for 3 lower monthly candles and so it's easy to assume that we now travel up for two monthly candles, putting our projected top in mid to late February. Add to that there are many greater cycles running out in this month. If one was to review the history of Sugar they would also be aware that February is one of the MOST consistent months in creating a seasonal top/bottom which then runs into the next seasonal shift in energy. In the immediate I am bullish on Sugar but not too concerned with actually buying into it, rather than waiting to sell short. Reason being for this is that I do not trust the move up, not at this point. I'd like to see it clear 20.00, specifically 19.84, and have continued closes above this level. If seen I may buy into it light with strict profit taking. This could be a phenomenal short trade for the year as Sugar, generally speaking, makes final top and will retest the highs before going into it's primary bear market swing. So this would be the best top to short and hold. So, in the immediate time frame I'm bullish but ultimately I'm looking for positional shorts. I will post weekly and monthly charts for additional evidence. Sugar, I feel will again be like last year...one of the best markets to be a part of. Only on the short side :D
