Returning to the current price action, I see an upward movement from the low of 20.01 to the current high of 24.59, unfolding in Three waves. The price action doesn't seem quite favorable; what I mean is that there appears to be one of the Fibonacci Multiple Relationships that is not clearly defined, and it doesn't follow the common Multiple ratios. However, in the Commodity market, as well as Metals, markets experience strong and rapid fluctuations.
Bottom line: Sugar may decline to a level lower before rising in wave 5. However, pay attention to the alternative wave count.
The big context suggests a Bear market, and the short-term outlook may rise higher, while the price remains above 22.50-22.98. A drop below this level indicates that the Bear market might be resuming.
Bottom line: Sugar may decline to a level lower before rising in wave 5. However, pay attention to the alternative wave count.
The big context suggests a Bear market, and the short-term outlook may rise higher, while the price remains above 22.50-22.98. A drop below this level indicates that the Bear market might be resuming.
Trade closed: target reached