BAL (Cotton ETF) **REQUEST** 6/18

To the left is the daily chart of BAL, a cotton ETF. Right off the bat when I pulled this chart up I saw the same oil charts I have been looking at for a while with just a few differences. After it sold off from its highs (@117.33) we can see that it recently held the lowest retracement almost perfectly (@93.29) before heading lower and just recently breaking a new recent low. If we do an extension from the highs to lows (@78.37) that were just broken off the held retracement level, we can see we are sitting on the 50% extension now. Oil just recently broke this mark in its charts and I would guess that this will be doing the same very soon. I think this would be a great sell in the 78-76 range that we are currently in. Also to note, like in the oil post I just did, we see a long period of the MACD above the 0 line and now breaking it and retesting the 0 line on the lower side, only to reject it.