- Sugar falling inside impulse wave (iii)
- Sugar to reach 11.20
Sugar continues to fall after the recent breakout of the narrow daily up channel from the middle of May (which encloses the previous impulse wave C from May).
The breakout of this up channel accelerated the active impulse wave (iii) – which is a part of the longer-term impulse sequence (3) – which started earlier from the top of the aforementioned up channel. Sugar is likely to fall further toward the next support level 11.20 (former resistance from the end of May and the target for the completion of the active impulse wave (iii))).