Cotton Wave Analysis 17 December, 2020

• Cotton broke key resistance level 76.00

• Likely to rise to 78.00

Cotton continues to rise inside the sharp upward impulse waves (v), 3 and (3) – aligned with the strong multi-month uptrend from April.

The price earlier broke the key resistance level 76.00 intersecting with the daily up channel from March – which added to the bullish pressure on Cotton.

Cotton is expected rise further toward the next resistance level 78.00 (target price for the completion of the active impulse waves (v) and 3).