Sugar has the right side up against red wave 2 lows at $15.33. Up from there, one can see a clear Elliott Wave five wave impulse. The commodity completed the upside rally at around $17.79 area for red wave 3. Internally, we see subdivisions within red wave 3, which are also divided into five waves. We have black waves ((i)) to ((v)), each with five waves, although only shown in black waves ((iii)) and ((v)). Furthermore, waves ((iii)) and ((v)) have lower degree blue waves (i) to (v). Each of the blue waves also subdivides into lower degree red waves i to v. This is the nature of fractals.
Naturally, as per Elliott wave theory, we expected a correction lower in red wave 4. This correction is needed to correct the cycle in red wave 3, before we see upside continuation in red wave 5. Again, this is the nature of progression of market as per Elliott Wave Theory. Indeed the correction began lower in red wave 4, as shown below in the 1 hour chart from 4/28/2020 New York Midday update. As at 4/28/2021, the instrument had completed black wave ((a)) and ((b)). A completion of the aforementioned waves is important for projection of black wave ((c)), which would typically terminate at or within the blue box area. In this case, we expected the instrument to reach at least $16.96, and at most $16.58 in red wave 4.
Elliott Wave 1 Hour Chart 4/28/2021
In the 1 hour chart below from 4/30/2021, we see the commodity reacting higher after reaching the blue box. It set red wave 4 at $16.64. As long as the red wave 4 lows hold, we expect Sugar trade higher. However, we need to see a clear break above re wave 3 peak in order to confirm the next leg higher. Moreover, a break above red wave 3 rules out a possibility of a double correction lower in red wave 4. Long positions from the blue box are running risk free, as Sugar is set to continue the rally.
Elliott Wave 1 Hour Chart 4/30/2021
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.