• Cotton rising inside impulse waves (iii) and 3
• Likely to test resistance level 115.00
Cotton continues to rise strongly after the price broke the strong resistance area lying at the intersection of upper resistance trendline of the daily up from the end of May and the round resistance level 100.00. The breakout of this resistance area accelerated the active impulse waves (iii) and 3 – which belong to wave (C) from March. This price area is acting as the support zone after it was broken.
Given the proximity of the aforementioned resistance area and the clear daily uptrend, Cotton can be expected to rise further toward the next resistance level 115.00 (target price for the completion of the active impulse wave (iii)).