September 08, 2020 at 04:00PM

• Cotton falling inside minor corrective wave (ii)
• Likely to reach to 62.80

Cotton continues to fall inside the minor corrective wave (ii) which reversed previously with the daily Shooting Star from the key resistance level 66.35 (which stopped the previous impulse wave (i)).

The active wave (ii) belongs to the minor impulse sequence 3 of the longer-term impulse wave (C) from July.

Cotton is expected to correct down further toward the next support level 62.80 (target for the completion of wave (ii), intersecting with the daily up channel from April).

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From: The FxPro Tech Analysis Team
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