A month ago, on March 23rd, we showed you this chart from our forecast on sugar:
As the chart shows, we were expecting wave B up and wave C down, before the larger bull trend could resume. On the chart below you can see how the situation has been developing ever since.
The updated chart shows that sugar has been trading according to plan and it seems that now we are in wave (3)/C to the upside. We want to point out that we did not know anything about the sugar market, when we were making that forecast. And we did not need to, because all the information we need as traders is on the charts. They are the first to register market participant’s attitude towards any trading instrument. Traders and investors are far more emotional than they admit they are. Those emotions are visible only through the charts, because fundamental reports and economic news do not take them into consideration. Since sugar’s April contract will expire in a week, we consider that the upside move is likely to continue into the June’s contract. Count would be invalidated if prices fall under 14.70.
Charts by: www.trader.bg