Cotton Wave Analysis 23 November, 2020

• Cotton broke daily Triangle

• Likely to rise to 72.00

Cotton recently broke the resistance trendline of the short-term daily Triangle from the end of October.

The breakout of this Triangle continues the active sharp daily uptrend and the minor impulse wave (iii), which started earlier from the powerful support area surrounding the support level 68.00.

Cotton is likely to rise further toward the next major resistance level 72.00 (top of the previous sharp upward impulse wave 1 from the end of October).