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NY sugar to fall to 26.81 cents/lb
SINGAPORE : First month New York sugar is expected to fall to 26.81 cents per lb, as a downward wave "C" is progressing.
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The rebound from the Aug 8 low of 26.38 cents is labeled as a wave "B", which could have completed at the Aug 11 high of 28.69 cents, close to 28.92 cents, the 50 percent Fibonacci retracement on the fall from 31.45 cents to 26.38 cents.
The current wave "C" would be able to travel to 25.56 cents, the 61.8 percent Fibonacci projection level, based on the length of the wave "A", but a realistic target will be 26.81 cents, a wave "b" trough.
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Copyright Reuters, 2011