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December 02, 2020 @ 18:11 +03:00
• Cotton falling inside wave (ii)
• Likely to reach 70.00
Cotton continues to decline – after the price failed to hold the ground above the major resistance level 72.00 – which stopped the two previous sharp uptrends in October and January respectively.
The price is currently falling inside the minor corrective wave (ii) – which belongs to the higher-order impulse waves 3 and (3).
Cotton is expected to fall further toward the next support level 70.00 (likely price for the termination of the active corrective wave (ii) coinciding with the support trendline of the daily up channel from April).