- Cotton falling inside impulse waves 5 and (C)
- Likely to reach to 46.00
Cotton recently broke the support area located between the round support level 50.00 (which stopped the previous short-term impulse wave (i)) and the support trendline of the wide down channel from last April.
The breakout of this support area should accelerate the active short-term impulse wave 5 – which belongs to wave (C) from January.
Cotton is likely to fall further toward the next support level 46.00 (likely price for the completion of the active short-term impulse wave (iii)).