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Cotton Wave Analysis – 08 February, 2019

  • Cotton reversed from resistance area
  • Further losses are likely

Cotton recently reversed down from the resistance area lying between the strong resistance level 75.30 (former multi-month support from February), upper daily Bollinger Band and the 50-day moving average.

The downward reversal from this resistance area started the active impulse wave 3 – which recently broke the daily up channel from the start of January.

Cotton is expected to fall further and re-test the next round support level 70.00 (low of the previous impulse wave 1).

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Source: FxPro


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