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Rt's
Last time I commented on sugar it was a disaster, so let's try again. It
really looks like we have something again
The naked eye can spot a gigantic continuation Head and Shoulder Pattern
right now, with a MINIMUM potential of 12.94 (close Friday 11.84).
But what is interesting is that the bottom of the H&S looks like a wave A
in a correction, retracing 50% of the advance, and the right shoulder (Wave
C) have retraced 50% of wave B.
And if you look at the right shoulder in close only perspective it is also
forming a small inverted H&S formation and with just a small advance we
will have a break out.
Furthermore the right shoulder, if looked at in the perspective of a
barchart will form a falling (bullish) wedge, and right now we are just
below the upper trendline.
What is more interesting, is that if we break that wedge-line, the
potential in the wedge it turns out that we will probably also break the
neckline in the H&S and we should enter wave 3 of 5.
In the light of el Nino I will certanly look into this scenario and I hope
somebody else on RT can find arguments for an interesting development in
sugar. This is just what I saw when I updated my charts, and I thought it
was woth mentioning.
Regrds
Stig
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