Cotton Wave Analysis 21 January, 2021

• Cotton broke resistance level 81.90

• Likely to rise 85.00

Cotton recently broke the resistance level 81.90 (which reversed the price with the daily candlesticks reversal pattern Dark Cloud Cover at the start of this year).

The breakout of the resistance level 81.90 continues the active impulse waves (iii) and iii – which belong to the longer-term impulse waves 5 and (C).

Cotton is expected to rise further toward the next resistance level 85.00 (target price for the completion of the active impulse wave (iii)).