Doubt very much that cotton prices will come back down...best to just hope that prices stay stable for awhile.
I remember the first time I paid over $5.00 a yard for fabric and thought how much that seemed at the time. Seems they stayed $8.00-$8.50 for a long time. I still haven't paid over $10.00 and hope not to...usually wait to buy fabric on sale...and have a large stash to work with.