Olu
Short

March Sugar

ICEUSA:SBH2016   Sugar #11
96 8 2
Comments on the chart
Comment: Price is behaving correctly. It fell hard today. I am starting to look out for the wave b upmove now
Comment: Price has not fallen to the 13 as I thought it would. However on looking at the charts a triangle instead of the abc correction is in play here. This means to me that price will move sideways for a little while and then take off to the upside towards 16.00. I am now looking to get long around 14.00 area for the upmove. Not 13.00. So the plan is still in play only the retracement type and depth has changed
Could you update your thoughts on this? Thanks.
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May be expanded flat wave-C is on way
Regards
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Olu paulselvan
Hi Paul. I am leaning to the idea that the correction is now over because of today's price action. There is a small case for the possibility that the triangle idea has a small( d) and a truncated (e). If this is so then price must take out the low of today's candle and it must now rally hard to give us the thrust out of the triangle structure
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Of course an expanded flat is still on the cards and if we get hard down movements we will have confirmation. Bui if 1578 is taken out then I am on board looking for 17.50 area
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Hi Olu,
1578 ,you're right .
Sorry for add on more confusion but there is also another possibility
sugar D
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Olu paulselvan
I would have lived the boundaries to be converging to make a wedge or an ending diagonal. However it still a credible possibility. If this plays out then the upside is limited. Its all about the options and letting price action point out the right one.
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The most recent COT report has Commercials adding 7500 more shorts and nearly short 600,000 contracts. this is either going to 12 or 20 real soon!
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Olu JosephValencia
Thanks for the info. I hope 20!
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