In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave charts of Sugar, which we presented to members at elliottwave-forecast.com. In which, the cycle from 4/22/2019 peak (13.05) unfolded as impulse structure & showed a lower low sequence favored more downside. Also, it’s important to note that the Sugar was having red right side tag pointing lower favored members to took selling opportunity at the blue box areas in 3, 7 or 11 swings. We will explain the ideas & structure below:
Sugar 1 Hour Elliott Wave Chart From 5/02/2019
Sugar 1 hour Elliott wave view from 5/02/2019 New York update, showing decline unfolding as impulse structure with a lower low sequence. And made a small recovery to 12.30-12.40 100%-161.8% Fibonacci extension blue box area of a-b within wave Minutte wave (ii) offered selling an opportunity to our members looking for more downside.
Sugar 1 Hour Elliott Wave Chart From 5/08/2019
Sugar 1 hour Elliott Wave view from 5/08/2019 NY Midday update, in which instrument failing at blue box area 12.30-12.40. Allowing members to get the reaction lower as we expected in an impulse structure. When the higher degree cycles were calling for more downside still into the direction of the right side tag lower.
Sugar 1 Hour Elliott Wave Chart From 5/10/2019
Sugar 1 hour Elliott Wave view from 5/10/2019 NY Midday update, in which the cycle from 4/30/2019 peak (12.75) ended in 5 waves structure within wave Minute wave ((iii)). Above from there, the instrument made another 3 wave recovery higher as double three structure towards the blue box area at 12.32-12.31 100%-161.8% ext area of (w)-(x). And provided another short term selling opportunity at the blue box area looking for the 11.55-10.68 target area to the downside.
Sugar 1 Hour Elliott Wave Chart From 5/12/2019
Sugar 1 hour Elliott Wave Chart from 5/12/2019 Weekend update, Ended 3 wave recovery inside the blue box area at 12.32-12.31 as expected. And made the reaction lower we were expecting to allow members to create a risk-free position shortly after taking the short trade. Looking for downside target at 11.55-10.68 as far as bounces fail below 12.15 peak.
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a Free Trial.Back