Dated 24/01/2017
COTTON BALES (MONTHLY CHART) – Rajkot-Last Close-20410– Pullback Up Trend In Progress
Correction appears to be complete for Wave iv and Wave v could be in progress unless immediate fall and close below 18270 is witnessed.
Upper level and range for Wave v can be 21260-23590.
Trend appears to be up for near term as long as remains above 18270.
Conclusion
Pullback up trend for Wave v appears to be in place,