Elliott Wave Analysis of Sugar (SB futures contract) by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.

The price of Sugar is nearing some very significant Fibonacci price targets, as well as Hurst cycle date targets for a turn. After an upward 5-wave impulse from May 2010 through April 2011, Sugar has retraced between .5 and .618 of that rise. This is the most typical Fibonacci range for a wave 2 retracement. Also, pink wave 5 will equal the net travelled by pink waves 1 though 3 times .382 at 15.08, and green wave 5 will equal the net travelled by waves 1 through 3 green times .382 at 14.94.

Additionally, Hurst cycle analysis is projecting a huge 47.8-week cycle trough to occur between January 6 and January 19. Stochastics set at 41 on the weekly chart is indicating a deeply oversold condition, and MACD on the daily chart is set up for a green 3-5 divergence. A significant trend change to the upside in Sugar may therefore be very close at hand.

Sid
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