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Wave Tech Analysis

FxPro Forex Analysis: Cotton Wave Analysis – 21 August , 2018

Cotton reversed from support zone
• Further gains are likely

Cotton continues to rise after the recent sharp upward reversal from the support zone located between the round support level 80.00 (which also reversed the price in April), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse form last October.

The upward reversal from this support zone completed the previous medium-term ABC correction ② from the start of June.

Cotton is expected to rise further and retest the next resistance level 84.40 (former support from July). Strong support remains at 80.00.

COTUSD - Primary Analysis - Aug-21 1859 PM (1 day)