Cotton Wave Analysis – 23 December, 2019

• Cotton broke resistance zone
• Likely to rise to 70.00

Cotton recently broke the resistance zone lying between the resistance level 67.00 (which has been reversing the price from June) and the 50% Fibonacci correction of the previous downward impulse (1) from April.

The breakout of this resistance zone accelerated the active short-term impulse wave C – which belongs to the ABC correction (2) from August.

Cotton is expected to rise further toward the next round resistance level 70.00 (monthly high from June and the target for the completion of the active wave (2))