Cotton Wave Analysis – 11 July, 2019

• 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).