Once triggered, it'd be probable to rally to one of the 3 targets on chart, and potentially more.
For the time being, the cap resides at 0.72148, so after reaching that level it might be wise to monitor price action closely.
The odds are pretty good for this setup, considering the fundamental landscape, as well as the technical picture this chart shows.
Good luck if taking it,
Perhaps we can find better proxy pairs for this scenario (copper rally)
You refer to imranafzalmughal4's comment?
It's ok if there's discussion involved, an exchange of ideas.
Setups fail often, not a problem to be wrong, as long as making more money when we're right, on average.
That being said, some systems have very low accuracy, and despite getting good trading results, might have low win rate.
So, I don't think being right in tradingview publications means we're profitable or not.
I'm not offended by the comments.
See my other publication, I had showed the relationship between copper, gold, oil and usdcnh and usdaud.
It's all very intertwined, and related to the stock market as well. (globalization :))
Thanks for the comment and good luck!
I have learned a bit of neowave, and find it considerably more useful since it's very objective, but even then, it's really complex, and not even Glenn Neely himself uses Elliott for trading anymore (since the confirmations make it impractical).
Classic EW, is in my opinion, too subjective to be useful, since you could be very flexible with labeling, and arrive to dozens of counts because of the lack of very specific guidelines and rules for timing, post pattern behavior and all the other self validating rules of logic that Glenn Neely discovered.
Personally, I chose not to use it anymore, and stick to Tim West's methodology, which has been far more productive for me.
If you're not familiar with Glenn Neely and interested in Elliott Wave analysis, I'd highly reccomend reading his book, Q&A section from neowave.com.
The chart implies (if you use the methodology I use...can't stress this enough), that copper might rally from here, but it has to face very strong resistance above.
If it were to cross it, then surely audusd and cnhusd would fly.