Sugar (Update)

In my last post for Sugar I wrote "If 15.50 can get taken out, then you will stop the lower highs, lower lows that have been seen on this most recent down move. This would give some confirmation that a short term bottom is in place."  The low of 13.00 has continued to hold since May 7th and today we closed at 14.93.  The next upside target is 15.50.  If we can take this high out, then we may make a run at 16.80.  This is the 78.60 retracement level from last swing high.  This should offer up some stiff resistance.