Cotton Wave Analysis 14 December, 2020

• Cotton broke key resistance level 73.35

• Likely to rise to 76.00

Cotton recently broke above the key resistance level 73.35 (which stopped the previous minor impulse wave (iii)).

The breakout of the resistance level 73.35 accelerated the active impulse waves (v), 3 and (3).

Given the clear uptrend, cotton is expected to rise further toward the next resistance level 76.00 (forecast price for the completion of the active impulse wave 3).