• Cotton broke key resistance level 88.70
• Further gains are likely
Cotton continues to rise after the earlier breakout of the key resistance level 88.70 (which stopped the previous short-term impulse wave (i) at the start of July, as can be seen below).
The breakout of the resistance level 88.70 should accelerate the active short-term impulse wave (iii) – which belongs to the impulse wave 3 from the start of July.
Cotton is likely to continue to rise in the active impulse waves (iiii), 3, (3) and re-test the next resistance level 92.00.