Friday, September 23, 2016

Elliott wave analysis of Sugar - Sweet traded completed at 23.45

                                          Sugar - Daily

                                          Sugar - Weekly

                                          Sugar - Monthly 

Sugar - Sweet traded completed at 23.45 

On September I called for a final rally into the 22.60 - 23.10 area to complete the rally from 10.13 (You can see my September 14'th post by clicking here).

Yesterday, we saw a spike to 23.45 and a quick reversal to end the trading day almost where it started the day. Using Japanese Candle Sticks, this candle is called a shooting star and is a reversal candle indicating a top has been seen. 

From an Elliott Wave perspective, the corrective rally from 10.13 now is complete and we should look for the first impulsive decline close to 18.71 from where a corrective rally towards 21.00 should be seen and then an even stronger decline towards 12.44 and 10.13 on the way lower to 7.41. 

This was a nice and sweet trade, but there is no reason, why selling sugar shouldn't a sweet trade too. 

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