Sugar: I am bearish

58 5 5
Comments on the chart. If this idea proves correct and a 5 wave down move happens then we should have a 3 wave retracement which should lead to a much bigger downmove.
Comment: Price fell hard today and stopped right on the wave 3 low. I am looking for a bit of a bounce before a slice through the said support area. Still bearish...
Comment: more falls in price today. The idea is working out well
Comment: price continues to fall. I am now looking for a small bounce to relieve the selling pressure. We are still going to 19 (basis the futures) imho
Trade closed: target reached: Target reached. Price is still bearish and I believe 18 might be on the cards
I'm still holding short from 21-22
Olu moorekapital
Holy Cow! Well done. I am expecting a 3 wave retracement soon so I will try to get short then. Well done indeed
+1 Reply
@Olu, http://screencast.com/t/3me60Tow
Olu moorekapital
Excellent chart MK. It has been a 'breakdown then consolidate' situation since 21 . Wonder if price could get to the top of the channel (20.00) for a sell?
@Olu, I booked. I found if you draw a parallel line, up and down the daily trendline, u'll find price hit on the bottom parallel = it could bounce prior to any further falls.
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