Sugar recently broke through the support area lying between the key support level 12.20 (which has been reversing the price from the end of November) and the 50% Fibonacci correction of the previous sharp C-wave from September.
The breakout of this support area accelerated the active short-term impulse wave 3 of the medium-term impulse wave (3) from the end of October.
Sugar is expected to fall further and re-test the next support level 11.50 (target price for the completion of the active impulse wave (iii)).
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