ICEUSA:CT1! Cotton #2
As wee see correction in blue wave B seems to be finished, as price moved sharply to the upside. That said new leg up in blue wave C is expected to unfold in weeks ahead. The price may move towards 72 - 73 area.
I think you could be right I have been following cotton for a while from the late 50 area but it's always been to swingy (for want of a better word) to get in a long trade, but the CTZ2015 contract has closed above 67.00 and on the daily chart the last few bars have certainly tested some who were long and unless you had deep pockets would have been stopped out. The brave might have reentered but also some fresh buying appeared. It appears to me now to be a fairly safe long entry??? with a stop at the 66.70 area a R/R of over 6 to one if quite possible with a target at 71.