There are many ways to call the pattern in this chart. One could say it is a , or a tripple bottom, or a ...so i'll not give it a name, I am just going to explain what I see.
Most imporant, I see a round level at 3000, acting as a great support. It has been broken and rejected too many times.
Around this level I can spot three selling phases :
1 - fast and deep
2 - slow and less deep, but still quite strong
3 - fast and shallow
Instead of using the , I chose the which includes in its calculation. Notice how the three selling climaxes diverge, drawing shallower bottoms. This, together with the decreasing selling magnitude, tells me that bears have lost power and a bounce is probable.
On both indicators we have divergences, pointing out the decreasing power of bears.
I will set my target at the first strong , as this is a new approach and I don't want to be extra confident. I will enter long using the of copper , when I see fit, because the current situation looks for the next few days.