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Sugar May Face Correction Before Turning Into Big Bearish Move

Published 03/02/2015, 06:41 AM
Updated 07/09/2023, 06:31 AM
SB
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Sugar has been bearish since February 2011, so we will be looking for even more weakness ahead. On hourly chart we assume that impulsive five wave decline has finished, that can be wave i as labeled on the chart below. So now we are tracking a correction that can be a flat in black wave ii. Usually when you are tracking a correction price will retrace back to the area of wave four, that comes in near 14.30. So that would be ideal zone for a continuation within a bigger down trend.
Sugar 1h Elliott Wave Analysis
Sugar Hour Chart

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