Cotton Wave Analysis – 11 July, 2019
July 11, 2019 @ 15:49 UTC
- Cotton falling inside impulse wave 3
- Further losses are likely
Cotton continues to fall inside the short-term impulse wave 3 which started earlier from the resistance area lying between the key resistance level 67.45, upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from April.
The downward reversal from this resistance area started the active short-term impulse wave 3.
Cotton is expected to fall further and retest the next support level 60.45 (low of the previous sharp impulse wave 1).