Dated 04/01/2017
Cotton Seed Khal Kadi- Last Close-2117-02/01/2017: Pullback Likely But Sustainability A Question Mark
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Overall deeper correction can be seen below 1920 with alteration in count structure.
Expect a rise to 2489 to 2727 for Wave e of Wave v of Wave 3.
Post pullback fall below 1920 can lead to termination of Wave 3 for larger correction for Wave 4 to 1339 to 953.
Overall till the peak of 2727 is not crossed on sustained basis the pullback rise is likely be to lower top to 2489 or around it or below 2727.
Therefore, resistance will be at 2489-2727 and terminate of Wave e could be anywhere in the range of 2489-2727.
Conclusion
Pullback can be witnessed for near term in the range of 2250-2489.
Weakness will resume on fall and close below 1920.
Objective remains to exit long on the rally till 2727 is not crossed as sustainability issue likely to be witnessed at higher range.
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