1. Sugar seems to be completing 4th wave of the down move.
2. 4th wave has (slightly running) flat structure.
3. It looks on the chart and in particular on MACD that last 4-5 weeks it is incapable to move significantly up from the bottom of the range. It seems ready to break down.
4. Previous month volume spike on big red candle also supports the idea of selling sugar.
5. 5th wave target should be about 0.61 of 1-3 waves move calculated from the top of wave, therefore it is about $0.082, ie it is ~40% move.
2. 4th wave has (slightly running) flat structure.
3. It looks on the chart and in particular on MACD that last 4-5 weeks it is incapable to move significantly up from the bottom of the range. It seems ready to break down.
4. Previous month volume spike on big red candle also supports the idea of selling sugar.
5. 5th wave target should be about 0.61 of 1-3 waves move calculated from the top of wave, therefore it is about $0.082, ie it is ~40% move.