Cotton has been falling strongly in the last few trading sessions inside the third intermediate impulse wave (3) from the start of May. This impulse wave started when Cotton failed to break above the strong resistance level 0.9500 (which also previously reversed Cotton in March, as you can see below).
The subsequent sharp downward impulse (3) broke the daily up channel from November and the round support level 0.9000.Cotton is expected to fall further to the next sell target at 0.8600 (standing close to 50% Fibonacci Correction of the preceding primary wave ④).
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