The weekly sugar chart after a sell off to around the 1330 level back on sept 19 2014 did not breach the low made back in May of 2010 setting up a 1-2 1-2 on the weekly and as luck may have it as of today a 1-2,1-2 is setting up on the daily chart…( for this to stay intact prices must not breach the 1589 level on the March contract as that would negate the 1-2,1-2 count on the daily chart.)
we also have commercials back to the zero line in this market.. I am looking for much higher prices in the coming years so this scenario would call for a break higher in prices to a target of 18.07 on the daily chart in a w3 of 3 of wave 1.
(Trade: today I will be adding to my positions in the March contract at 16.04 and May contract at 16.34. ) to negate this formation mrch would have to break below 1589. We will see what plays out.
