Sugar has been trading lower since 2023 when we spotted final wave V of an impulse on the weekly chart. So from Elliott wave perspective, it’s trading in a multi-year higher degree ABC corrective decline, where wave C can drop the price even down to 78,6% Fibonnaci retracement and 14-12 support area before bulls show up again.
The reason why Sugar can go lower is a short-term daily Elliott wave structure, where we see a five-wave leading diagonal formation into wave A, followed by a bearish abcde triangle pattern in wave B. It can now extend the decline within wave C towards 14 -12 area which can be made by a lower-degree five-wave bearish cycle, just be aware of short-term pullbacks.
The reason why Sugar can go lower is a short-term daily Elliott wave structure, where we see a five-wave leading diagonal formation into wave A, followed by a bearish abcde triangle pattern in wave B. It can now extend the decline within wave C towards 14 -12 area which can be made by a lower-degree five-wave bearish cycle, just be aware of short-term pullbacks.
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.