Front month sugar is really playing with invalidating the wave one that started back on the 28th of jan at 1470. Until this happens though the count remains intact as a deep wave 2 that must complete or invalidate this count…. As I have seen many wave 2's act like this in my trading career a push back over the 15 via oct contract will be needed to close back over the weekly trend line…
Also as oct is at a discount to march and May contract by almost 2 cents. There is a great likely hood that if this is the bottom and we do hold that we start to close that gap…
Position:
Long position taken today at 1473 oct with a 7 pt stop) as I wanna be out on a decisive break of 1470. Very low risk trade. Let's see if we are right. Should know very soon!
Good trading
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