SINGAPORE, Oct 4 (Reuters) - New York sugar may to hover around 23.20 cents per lb, as its sharp correction is expected to complete around that level going by its wave pattern.
The fall from 27.17 cents is labeled as a wave (4) retracement, likely to bottom around the wave "4" trough at 23.52 cents, close to 23.20 cents -- the 50 percent Fibonacci retracement level on the rise from 19.23 cents to 27.17 cents.
A further slip would be limited to 22.26 cents, the 61.8 percent level. Resistance is at 23.82 cents, a rise above which will open the way towards 24.85 cents.
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