Cotton Wave Analysis – 4 May, 2020
May 04, 2020 @ 16:04 +03:00
- Cotton reversed from resistance zone
- Likely to fall to 52,00
Cotton recently reversed down from the resistance area lying between the resistance level 57.20 (which stopped the sharp downtrend in August of 2019), upper daily Bollinger Band and the resistance trendline of the daily up channel which enclosed the previous ABC correction (2).
The downward reversal from this resistance area started the active medium-term impulse wave (3).
Cotton is expected to fall further toward the next support level 52,00 (which started the C-wave of the the earlier ABC correction (2)).