Correction seems to be completed on the Daily graph of Cotton, because price made a sharp action to the downside resulting in three impulsive red waves. Currently price is trading in red wave (3) that could reach levels between 57.40 - 58.20. Link to our previous charts: www.ew-forecast.com
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. www.ew-forecast.com
Cotton is trading in a correction after a 5 wave structure to the downside. The correction may reach the fibo level of 0.382, at blue wave 4 termination point. That said price may reach higher levels to around 72 - 73. www.ew-forecast.com
Here is my contribution to the nice ichimoku analysis done by Kumowizard and posted at www.tradingview.com The wave count on the weekly chart reinforces the idea that bears will keep control on the mid/long-term. At this point in time it is pretty safe to assume that intermediate-3 is consolidated retracing the full 2.618 ratio and suggesting this would be an...
New setup in Cotton formed from a DP level that has a confluence with an ABC correction. This is one of the clearest Elliot wave patterns to play. The setup is giving a Risk Reward ratio at 2.5 at the quite conservative typical Wave 3 target. As an extra odds enhancer it was an VSA spike in the volume moving the price towards the entry.Target is in front of the...
"Smart Money" commercial hedgers in cotton futures have been basically net long since August of this year. In a hedgers market this rarely happens and so it should be viewed as of major significance for price fundamentals. The commercials typically are net short and use the futures to hedge their underlying tangible commodity position. So what this data is...
In the first few hours following NFP on Friday, CT showed some hesitation before finally seeing an upside spike right in the closing hour, breaking it above downchannel resistance on the 4hr chart. In the daily chart, the symmetrical triangle CT finds itself in is edging closer towards resolution. Given that CT's RSI, Stochastics and MACD on the daily and 4hr...