SINGAPORE: New York sugar will fall further to 23.79 cents per lb, a 161.8 percent Fibonacci projection level of a downward wave (3).
The progress of the current downtrend will speed up, as the waves on the hourly chart have become impulsive, and the fall turned linear.
A pivotal support at 24.31 cents -- the Oct. 4 low, has been broken, confirming a medium-term downtrend that started at the August 24 high of 31.85 cents.
A fall below 23.79 cents will open the way towards a more aggressive target at 23.04 cents, the 161.8 percent projection level.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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