Sugar
Sugar (SB1) should be close to completing wave 3 I'm looking for wave 3 to complete at 12.67, where wave v of 3 will be 61.8% the length of wave i thru wave iii subtracted from the top of wave iv. It should just be a matter of time before wave 3 completes and a corrective rally in wave 4 takes over.
As the correction in wave 2 corrected a large part of wave 1, we should expect wave 4 to only correct a minor part of wave 3. A 38.2% correction of wave 3 will see wave 4 moving up to 16.03 before turning lower again in wave 5 towards 9.98.
Regarding the corrective pattern of wave 4 it should turn into either a flat or a triangle to alternate from wave 2.
Sugar: Potential trend reversalI am looking at Sugar futures here, it looks like we could be seeing an interesting rally coming out of this recent drop.
Oil rallying certainly lifts all commodities , and I think this one offers a particularly nice risk/reward. Ideally you can wait for a new 'Time at Mode' signal to enter, or just rush into it at the open, and then add when applicable.
Best of luck if entering longs.
Cheers,
Ivan Labrie.
SUGAR (SUGARUSD) long setup- Completion of a bat pattern
- The entry point @ 0.15045 lines up exactly with previous support line. The support line is highlighted by price behaviour in the blue rectangles
SugarRejection at support zone with a pin bar last Friday.
Possible bounce next week to test 0.1950, at least. Potential R is less than 2 if buying at break on pin bar high. A tempting trade nonetheless.
Sugar Could Break down Notice, Daily chart exhibits a substantial H&S pattern. If the daily neck-line is broken sugar prices could drop significantly from here.
Daily:
Notice the monthly impulse targets a retracement at the same length of the daily H&S pattern.
Multi-Month/Twenty Year Chart:
Sugar May Complete a Bearish Bat PatternI will look for confluence with indicators at the entry point -- as of now if price continues to rise from here to the completion point I will take this trade.
SUGAR, DAY CHART, SHORT (18-FEB-2017)There is a consolidation pattern near the
Resistance Zone.
From the price action, we can see stronger
selling pressure than buying pressure.
If the price managed to break the buyers' stop loss
level, we expect the price will fall further lower.
Here are 2 trading plans for you:
1. Wait the price to break the buyers' Stop Loss level
and entry
2. If the price pull back weakly to the resistance zone,
it might be a good opportunity to short with bearish
signal
SUGARNo big downward reaction from the rejection at the resistance zone (flip zone) and get supported at 0.2 round level so far.
Plan is to buy at break above the recent swing high - above 0.21
SB1! @ daily @ 1of2 (44) Commodities with a bearish 100/200MATake care
& analyzed it again
- it`s always your decision ...
(for a bigger picture zoom the chart)
This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
44 COMMODITIES of Chicago, New York & londo (MA 100 & 200 inside bullish) @ drive.google.com
Best regards
Aaron
SugarRejection at potential resistance zone, coincide with 50% retracement, after a strong uninterrupted rally from 27 Dec 2016.
Will look to go short when this market opens later today.
