• Cotton broke support zone
• Likely to reach support level 77.50
Cotton falling sharply inside the intermediate impulse wave (C), which previously broke the support zone lying between support level 83.0 (low of wave (A)) and the daily up channel from November.
The breakout of this support zone accelerated the active intermediate impulse wave (c) – which then broke below the round support 80.00.
Cotton is likely to fall further toward the next support level 77.50 (former resistance from December).