The decline in July Sugar on May 6 completed a 9-week symmetrical triangle top. This decline should have led to a follow through, taking prices back to 16, or so.
Instead, the decline halted, prices stabilized and the strong advance on Tuesday, May 13 is an indication that the May-6 decline was simply a bear trap.
The market should now advance to a target of 19.72.
It should be noted on the weekly graph that the bear market from the early 2011 highs appears to have ended. A likely target is the test of the 2013 high at 20.16.
