Dated 31/01/2018
Sugar M Grade Delhi- 3340- Correction Continues
Trend is down as prices are below the 55VA and 89 VA.
Bull market structure likely to dismantle.
A retracement of the rise from 2415 to 3929 is being witnessed now.
The 61.8% retracement levels are placed at 2966
The low registered on the correction till now is 3113.
The 61.8% of 2966 is likely to be tested.
Conclusion
Correction phase is in progress to test 3162 and 2966.