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Cotton - Get ready to re-enter long

Cotton - Get ready to re-enter long

Cotton #2 ICEUSA:CTK2015

After last week's profit taking idea it is time to start looking at possible long entry again! Weekly: - Ichimoku setup is turning to neutral from bearish: Chikou Span crosses above past candles, Tenkan/Kijun stays weak bullish - This weak price action was softer, thus we have a smaller but still green HA candle body. The signal is still bullish Daily: - Ichimoku setup is absolutely bullish. Tenkan Sen and Senkou lines (Kumo components) all point up. - Heikin Ashi candle and haDelta/SMA3 quantification today gives some early signal about the possible end of the pull back. Wait for some more confirmation and get ready to re-enter long in line with the trend to ride 5th bullish wave. - On 4H time frame (can not post it here) Price just reached Kumo bottom and 100 WMA support. So it is either time to buy now, or if 64,55-64,60 can not hold then we need to wait more and look for Heikin Ashi reversal signals in 63,50-64 area.