KayJay

COPPER PROBABLY IN ENDING DIAGONAL WAVE C or WAVE 5

Short
COMEX:HGZ2020   COPPER FUTURES (DEC 2020)
Copper is about to finish an ending diagonal wave C or 5 of a higher degree and will soon enter a bearish wave correction ( Declining volume supports ending diagonal structure and will give confidence once price breaks below the converging trend line with a higher volume daily close )

We will take short positions only when the price retrace backs and fail to make a higher high and breaks below the swing low that will be our entry point, Stop loss will be placed on the last swing high once trade is entered
Targets for correction wave are Fibs 0.32 , 0.5 and 0.618 ( Ending diagonals tend to retrace back to there starting point )

Aggressive traders can take positions once price is touching or breaching the upper trend line of the triangle, also look for a reversal candlestick pattern on the daily close

Divergence on Volume , RSI and MACD etc.

Weekly candlestick is building a shooting star pattern which will further bring confidence to this trade if the week does close with a shooting star

The risk/reward ratio on this trade is exceptional but this will be a long term trade

💡 Volume is the key factor at breakout below

Let see how this plays, Good Luck !

Disclaimer: This is for informational purpose only, anyone taking trades using this idea will be liable of their own loss

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