Kumowizard

Cotton - Correction in progress. Watch Px action ard 62,50

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As I wrote in my previous post and as I warned on my Twitter acct too, cotton futures started its correction.

Weekly:
- The corrective bullish wave, which started with an upside break of the wedge, takes a pause ard weekly Kijun Sen.
- Heikin Ashi candle together with haDelta signals some sideaway move ahead. Until haDelta is above zero line, we can not give very high chance for a bearish resumption, but more likely we'll see some trading between Tenkan Sen and Kijun Sen. In case haDelta/SMA3 breaks below zero and Price closes back below Tenkan Sen, it's gonna be more bearish .
- Ichimoku setup itself has been turning to neutral from bearish , woth Kumo shade over Price and with Chikou Span hitting Price candles 26 days back.

Daily:
- Price made a bullish break above Kumo, but 65,10-65,75 resistance zone blocked the move finally. It can not be surprizing that after more than 11 % continous move up from the lows price action enters into correction. However from now we have to assume that the bullish Ichimoku setup will persist, the correction is the second wave of a possible bullish trend in progress, and we have to focus on buy signals at key support.
- Heikin Ashi signals further pull back is ahead in coming days. Candles are red with no upper wick, haDelta further down below SMA3 and zero line.
- The key support which should hold is the 62 - 62,50 area: Kijun Sen, future Senkou B and horizontal level. Set up your alerts below 63 and start watching Price action and Heikin Ashi reversal signals at the support zone!
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