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Cotton Wave Analysis – 13 March, 2019

  • Cotton broke key resistance level 74.8
  • Further gains are likely

Cotton recently broke the key resistance level 74.8 (which has been reversing the price from the middle of February) – intersecting with the resistance trendline from July.

The breakout of the resistance level 74.8 accelerated the active short-term impulse wave c of the ABC correction 2 from the middle of February.

Cotton is expected to rise further and re-test the next resistance level 78.00 (target price for the completion of the active impulse wave (c)).

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Source: FxPro


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