Cotton Wave Analysis – 03 August, 2020

• Cotton broke daily down channel

• Likely to rise to 64.60

Cotton recently broke the resistance trendline of the narrow daily down channel from the start of July (which enclosed the most of the previous short-term impulse wave (i))

The breakout of this down channel continues the active short-term corrective wave (ii) from the end of July.

Cotton is expected to rise further toward the next resistance level 64.60 (target price for the completion of the active corrective wave (ii)).