The SUGARUSD is in a correction of a long-term Bear Market with price trading above the 50 week ema, but below the 200 and 800 week emas. The 50 week ema is currently trending upwards slightly, though the long term emas are mostly flat, signaling accumulation/distribution. The price action appears to be finishing up the third of five waves up, coming against...
Sugar looks to be forming a short setup due to double-top and indecision around ichimoku cloud. Short setup is not yet confirmed as market has not given a clear direction as of yet but this is one to keep a close eye on for drop to targets identified by yellow lines in chart.
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Do set...
Sugar is in a long running flat correction.
The wave Y could reach out to the 0.1580 area (where Y=W) before it drops. It could also exceed it with further Fibonacci ratios 1.27-1.618.
Wait for reversal pattern at the top.
