U.S. Sugar To Rally Higher
Elliott Wave Forecast | May 04, 2016 12:03AM ET
Short-term Elliottwave structure suggests that decline to 13.99 ended wave X. Rally from there is unfolding as a triple three, where wave (w) ended at 15.6, wave (x) ended at 15.01, wave (y) is proposed complete at 16.47, and 2nd wave (x) pullback is proposed complete at 15.88. While pullbacks stay above 15.88, and more importantly as far as 13.99 pivot stays intact, expect sugar to resume higher towards 16.89 – 17.13 area to finish wave w, then it should pullback in wave x before higher again to 17.51 – 17.89.
We don’t like selling the proposed pullback and favor more upside against 15.88 in the first degree, and against 13.99 in the second degree.
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