Long
SUGAR: Feb 7, 2024
Analyst: Shane Hua (CEWA - Master Candidate),
Hi traders, today's forecast is on commodities. Well, commodities tend to experience rapid fluctuations, some of which bear similarities to Gold.
Previously, I forecasted that Sugar would decrease to a lower level, and it turned out to be accurate. If I remember correctly, my initial target was 22.98.
Now, I believe Sugar may have completed the fourth wave (blue), you know, the common retracement target for the fourth wave is 0.382. At least it seems to have a solid basis for completion, and I am expecting a rally to higher levels in the market. Yes, the low at 23.01 needs to hold firm; what I mean is that prices must consistently stay above it for my bullish view on Sugar to remain intact. Conversely, a drop below it indicates I was wrong, and then I will return to update my latest forecasts.
So, that's my forecast. Have a great time, goodbye my friends.
Hi traders, today's forecast is on commodities. Well, commodities tend to experience rapid fluctuations, some of which bear similarities to Gold.
Previously, I forecasted that Sugar would decrease to a lower level, and it turned out to be accurate. If I remember correctly, my initial target was 22.98.
Now, I believe Sugar may have completed the fourth wave (blue), you know, the common retracement target for the fourth wave is 0.382. At least it seems to have a solid basis for completion, and I am expecting a rally to higher levels in the market. Yes, the low at 23.01 needs to hold firm; what I mean is that prices must consistently stay above it for my bullish view on Sugar to remain intact. Conversely, a drop below it indicates I was wrong, and then I will return to update my latest forecasts.
So, that's my forecast. Have a great time, goodbye my friends.
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