Technical analysis

Cotton Wave Analysis – 14 July, 2021

• Cotton broke the pivotal resistance level 87
• Likely to rise to resistance level 91,00

Cotton recently broke the pivotal resistance level 87,45 (which stopped the previous minor impulse waves 1 and (i) at the start and at the end of June).

The breakout of the resistance level 87,45 coincided with the breakout of the 61,8/% Fibonacci correction of the ABC correction (2) from April – which accelerated the active minor impulse waves 3 and (iii).

Given the prevailing uptrend – Cotton can be expected to rise further toward the next resistance level 91,00 (which stopped impulse wave (1) at the end of April).

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