SINGAPORE: New York sugar will gain more to 26.73 cents per lb, as a fierce upward wave "C" could have started.
A short-term downtrend from the Oct. 17 high of 28.35 cents stopped abruptly near support at 25.26 cents, the 76.4 percent Fibonacci retracement on the rise from 24.31 cents to 28.35 cents.
The strength of the rise on Tuesday characterizes a powerful wave "C", which is the second upward leg of a corrective wave cycle that started at the Oct. 4 low of 24.31 cents.
A Fibonacci projection analysis of the wave "C" target points to 26.73 cents, the 38.2 percent level.
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