- Cotton broke key support level 64.80
- Further losses are likely
Cotton recently broke sharply below the key support level 64.80 (which stopped the previous impulse waves (1) and 1 – as can be seen below).
The breakout of the support level 64.80 accelerated the active medium-term impulse wave (3) form the end of May.
Cotton is expected to fall further in the active impulse waves 3 and (3) and retest the next support level 62.00.