NY sugar to fall more to 18.82 cents

SINGAPORE: New York October sugar is expected to fall more to 18.82 cents per lb, driven by a wave C.

This is the third wave of a three-wave cycle from the June 30 high of 21.22 cents. It is capable of at least traveling to 18.82 cents, the 61.8 percent level. At its full capacity, it may extend to 18.02 cents, the 100 percent level.

Strategically, a fall to 19 cents could confirm a break below 19.06 cents. Resistance is at 19.31 cents, the 38.2 percent level, a break above which could lead to a gain to the 23.6 percent level at 19.62 cents.