Cotton Wave Analysis – 24 July, 2020

• Cotton broke daily up channel

• Likely to fall to 58.60

Cotton recently broke the support trendline of the daily up channel from March (which has enclosed the previous medium-term ABC correction (2)).

The breakout of this up channel accelerated the active impulse waves 3 and (3).

Given the weekly downtrend – Cotton is likely to fall further toward the next support level 58.60 (target price for the completion of the active impulse wave 3).