Commodities are waking up and they are looking for a bigger recovery. We talked about that already back on June 08 when we spotted strong support zone on commodity indexes.

SUGAR

Sugar is still pointing higher for wave V after recent A-B-C correction in IV. It can be just making a short-term pullback before a continuation higher. However, in case if stays sideways for a longer period of time, then we might alternatively also consider a bullish triangle pattern within wave IV before it breaks higher for wave V.

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SOYBEAN OIL

Soybean Oil Futures with ticker ZL has also a completed A-B-C correction from the highs after recent sharp recovery which we see it as a first leg A/1. So, more upside is expected within wave C or 3 after current corrective pullback in B/2.

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COPPER

Copper can be already finishing final subwave E of a larger bullish triangle in wave (B), but bullish confirmation is only above upper triangle line and 4.36 region.

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WHEAT

While most of commodities are looking higher, we think that WHEAT could still see bigger recovery for wave »C« of B after current (A)-(B)-(C) flat correction in »B«. 

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Well, if we respect the price action and wave structure on commodities, then we should be aware of a bigger recovery at the end of 2023. 

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