Sugar could retest broken support before another dropThe pullback could emerge as a double three WXY as wave W already nears completion.
Another drop then could follow in large wave C down.
Sugar
Long Term Prospects for SUGARUSDThe 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 prior resistance, so a pullback is likely. Since this is a c-wave it should sharp and short in duration.
The Market is in a Bear Market rally on the daily, with price above the 50 ema which is above the 200 ema, but still below the 800 ema. Price is currently testing the 800 ema with the a-wave top a little above that at .13333. Both are levels the third wave of this c-wave could pull back from in a fourth wave. A measured move upwards for this c-wave would take price to 0.14178.
The Market is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. Price would have to close below 0.13090 to be considered in an correction. The price action looks like it is getting ready to burst upwards to 0.13333 over the New Years week.
There is an opportunity here to short against overhead resistance when a top formation appears. The longer term opportunity is to buy the bottom formation from an upcoming pullback for a powerful up move to complete the c-wave.
This is my SUGARUSD look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
POSSIBLE SHORT SETUP?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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SUGAR. Flat correction. Wait to short after it finishes.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.
