- Cotton broke daily up channel
- Likely to fall to 58.60
Cotton recently broke the support trendline of the daily up channel from March (which has enclosed the previous medium-term ABC correction (2)).
The breakout of this up channel accelerated the active impulse waves 3 and (3).
Given the weekly downtrend – Cotton is likely to fall further toward the next support level 58.60 (target price for the completion of the active impulse wave 3).