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Cotton Wave Analysis – 21 June, 2019

  • 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.

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Source: FxPro


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