4xForecaster

Potential Support/Reversal @ 2.938 | #Copper $SCCO $Gold $SLV

FX:COPPER   Copper
119 6 1
Friends

Yesterday we hit our target dead-on (See chart here: and prior analysis here: https://www.tradingview.com/v/PETtLSZk/).

Not posted was an older target defined an abandoned, originating from November 26th, 2013, calling for a significant support at 2.944/2.938 range.

We would like to reactivate this target as of this hour, as price is nearing it (currently, price posts 2.955 without having touched that target yet).

This has the potential to create a relief rally and push price back up to 3.180. Both of these are high-risk (i.e.: low probability) based on a Shark completion and 5-0 ensuing pattern development.


OVERALL:

Cautiously looking for a reversal SIGN (i.e.: early reversal signal), then requiring a reversal SIGNAL confirmation, both of which are missing at this point. While predictive analysis remains NEUTRAL, pattern analysis calls a reversal at the levels defined above.

Note - Here are the prior analysis for your review:

1 - Copper: Original predictive analysis and forecast:
-

2 - Copper: Price reverses above 3.158 floor:
-

3 - Copper: Upper resistance hit dead-on:
-

Cheers,


David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & Market Forecasting


PS: If you liked the analysis, feel free to give it a "Thumb Up" and pass of a friendly referral to friends interested in occult market mathematics and hidden geometries. All targets generated are defined by non-price means, and confirmed by either proprietary patterns (Euclid, Janus, Great White, Deep Shark ), or other well known patterns. However, we concentrate mainly on Shark , 5-0 and occasional Bats, to complement our predictive analysis and forecasting - Cheers, David Alcindor.


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Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
All updates on https://twitter.com/4xForecaster
19 MAY 2014 - Update: ALL Targets Hit

From Twitter feed:

"$COPPER - Another target hit; Bearish forecast persists -
snapshot
via @tradingview - $SCCO #copper #china $AUD $CAD $USD"

snapshot


Cheers,

David Alcindor
Reply
What a co-relation?
Reply
@alex.a - The correlation has to do with both $AUD and Copper's respective values hinging on data from China. Since Australia having a currency heavily commodity-dependent, and being a major exporter of copper (and gold), then the AUDUSD can often act as a proxy to these commodities.

David
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alex.a 4xForecaster
Yes, sir! ^_^
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AUDUSD
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Cooper
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