Weekly Sugar Looks like it Put in Significant Low

My intermediate-term pattern and momentum work indicate that iPath DJ-UBS Sugar TR Sub-Idx ETN (SGG) put in a significant low at 49.25 on Jan 19, and already has embarked on what should become a multi-month recovery rally period that propels prices to challenge the Aug 2011 down trendline line, now at 60.70 on the way to a 66.00-70,00 target zone.

From a near-term perspective, I can make the case that SGG is heading for 6.50-57.50 prior to a needing a correction.

However, should weakness intervene sooner, key “buy zone” support resides a 53,70/20.

At the risk of missing additional immediate gains at 56.50-57.50, I will wait a touch longer before entering SGG into strength, rather than awaiting a pullback beneath 55.00 to start a new long position.