I’m bullish (and long in March contracts) US sugar #11. I believe sugar has most probably finished a wave 4 corrective wave and has already started or is about to start a new upward wave 5 targeting $26 and above.
Sugar has broken above the monthly downward sloping wedge pattern. This can be seen in the 1st chart above. Price is inside a bullish channel. The upward moves are impulsive (almost text-book 5 waves). Declines are corrective and so far wave 4 (what I believe to be) is still above the wave 1 high and above the Ichimoku cloud support. Price has retraced a bit more than the 38% of wave 3 and the projections of wave 5 target the 61.8% of the size of wave 1 to 3 at $26 and higher.
The upper monthly channel boundary is close to $31 which is also a possible target. This scenario will be canceled if price overlaps wave 1 high. I’m already long since $18.50 and will be looking to add on signs of strength.
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