Cotton Wave Analysis – 30 March, 2020

• Cotton falling inside impulse waves 5 and (C)
• Likely to reach to 46.00

Cotton recently broke the support area located between the round support level 50.00 (which stopped the previous short-term impulse wave (i)) and the support trendline of the wide down channel from last April.

The breakout of this support area should accelerate the active short-term impulse wave 5 – which belongs to wave (C) from January.

Cotton is likely to fall further toward the next support level 46.00 (likely price for the completion of the active short-term impulse wave (iii)).