Sugar… to hold or not to hold! .786

After the continuation grind lower and again down another 6 this morning oct sugar is struggling to even have an up day. Currently we are still looking at a possible deep wave 2. The 1450 on the current oct contract is the .786 level and a common target for wave 2's to travel to. We must not by any means push below the 14.70 area. A perfect situation would be a bounce in a 5 waves starting today. ( The mrch contract .786 is 17.28) and we are currently trading just above that number.  

Wave 2's often are steep zig zags and this last leg down C wave is almost identical in length to the A wave.