Dated 03/01/2017
Cotton Seed Gujarat Kadi - Last Close-02/01/2017-507.50:
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Support cluster was in the range of 450-460.
The low registered in last 3 month is 455 and has moved to current level of 507.50.
Wave e of Wave (c) of Wave A is in progress.
Alternatively, Wave A is complete at peak of 640 (July 2016).
Wave B is in progress or could have ended at the bottom of 455 (November 2016).
Resistance is at 510.
Sustained rise above 510 can trigger of a pullback towards 550-565-590.
Swing bottom could be in place at 455 if sustain above 510.
Further weakness is below 450.
As long as 450 is not crossed the objective could be to consolidate and move towards 550-565-590 for time to come.
Conclusion
Pullback towards 5560-565 is likely to be witnessed in near term to short term with volatility.
Minor correction till 450 is not violated will be for consolidation.
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