Cotton is currently in a volatile weather market. MetMike has 'hinted' at the (strong) possibility of a huge dome centering over cotton country to re-intensify.
What does the cotton cycle project?
CT had a daily reversal on Wed, 6-6-18, 22 days out from its last daily cycle low, in conformance with its normal daily cycle. Said date may also have corresponded with a Half Primary weekly low, nine weeks from CT'S last Primary low on April 4. If a half primary low, one would expect a high 2-9 weeks from April 4. Thus, one might expect a (much) higher HIGH in the next several weeks.
Thoughts/observations:
1. July options expire next Friday, 6-15, which could correspond to a daily high.
2. Expect the next daily cycle low to be June 26-28.
3. July futures expire July 9, which would correspond to a contract expiring on its HIGH
4. July 9 is the fifth week out from the 6-6-18 half primary low, a probable time frame for a HIGH
5. My target for next week is 98ish
6. Daily 14 RSI is elevated (60 0n Wednesday close), but has been to 74.
7. Bot a July 90 call Wed morn
Thank you very much for the technical Cotton trading info. ...
The floor of the New York Cotton Exchange is where I cut my commodities teeth back in 1988.
Also, first time that I started my own hand-held, point & figure charts...(some serious Old-Timers out there)
I Really Hope You Pin Somebody To The Wall With That 90 Call !!!
This post was originally in the NTR forum and was moved to the Trading Forum.