Cotton (update)

It's time to revisit the July Cotton H&S pattern that was confirmed back on 4/12.  This market has sold off very hard since then and closed limit down today at 153.39.  The objective for this pattern is 149.03, which is in the crosshairs.  There is a possible support zone in the 129.70-150.35 area.  I expect this market to test this area and get an oversold bounce.  Fib support calls for a test to 140.00 or so with strong support around the 131.75 area.  Let's see if we meet our objective and if a bounce occurs in this area.