FX.co ★ Elliott wave analysis of Sugar for August 28, 2023

From time to time, we look at different commodities. This time, we will take a look at Sugar as sugar has been in an uptrend since the 2020 low at 9.05 and should continue to push higher towards resistance at 28.84 and likely closer to resistance at 36.03 before the next more prolonged consolidation and the the final push higher, which likely will be a very strong extended rally as we often see them in the commodity market.

Short-term we are looking at a break above minor resistance at 25.30 and then, more importantly, a break above resistance at 26.49 to confirm the expected rally to at least 28.84.