Elliott Wave Analysis & Forecast, US Sugar Future – SB, M1, 20210226

SUGAR # 11 is building last wave red 5 of leading triangle to complete its structure. Its just a start of red wave 5 from 9.05 (low April, 2020) then prices are going higher and its a matter of time that minor resistance at 18.00 will be cleared enroot to next target 30.00. Once this target complete we will expect correction in sub wave  blue b before next rally higher towards 45 or event higher.

If we look at chart, for long term perspective, gray wave [I] had finished by placing all time high near 65 on November, 1974 and the prices had formed long term correction in gray wave [II]. This corrected wave had completed simple zigzag structure (ABC) and placed all time low in 1985 before next gray wave [III] started.

As leading diagonal is composed of 3 sub waves. If we look at the chart we clearly see that this leading expanding diagonal has  been composing with three sub waves (blue) and the ideal long term target we will look near red resistance line @ 52-54 area.

Traders don’t hold positions, such a long term,  but the purposes of these long term analysis is give broad term spectrum.




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