Sugar Wave Analysis – 17 February, 2020

• Sugar reversed from resistance area
• Likely to fall to 15.00

Sugar previously reversed down sharply from the resistance area lying between the multi-year resistance level 15.50 (which stopped the price at the end of 2017), upper weekly Bollinger Band and the 38,2% Fibonacci retracement of the previous weekly downward impulse from July of 2016.

The downward reversal from this from the resistance area stopped the previous impulse waves 3 and (C).

Given the strength of the aforementioned resistance area – Sugar is likely to correct down further toward the next support level 15.00.