SINGAPORE: A bearish target at 22.33 cents per lb has been established for New York sugar, based on its wave pattern and a bearish double-top.
The contract is now riding on a downward wave "a", the second such wave of a double-zigzag pattern, with a target at the 100 percent Fibonacci projection level, based on the length of the wave "c".
Confirming the signals from the wave pattern is a double-top which turned valid after the neckline support at 26.38 cents was broken, pointing to an even more aggressive target at 21.10 cents.
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