Copper counts and measures out to have done a textbook Elliot 5 wave impulse and is now in correction. Therefore, I would expect at least a 50-60% retrace. The 200MA on weekly and 800MA on daily appear to be fairly close to lining up with each other around the 50% retrace. Possibly a spot to get a buy setup for at least a small pullback. I think we should get another wave in order to turn this impulse wave into a 3 wave structure by the time it is finished. If we were to get a zig zag correction down to the 78% fib, then the 2.20 level should be of importance. I showed you equal length taking you back up to the .618 level. It came off the 1.618 extension of a small 3 move correction. Not necessarily a trade setup right this moment, just thought I would share the info.
Comment:
I swear it is too dang frustrating for me to do analysis during summer... with my kids out of school and all of the consolidation, I hate seeing trades after the fact. Whatever. But notice how wave 3 has 5 waves inside of it? And that it extends 1.618 length of wave 1? Also notice wave 5 finishes in an ending diagonal? All textbook 5 wave characteristics. Then it double tops in a 3 wave correction. (that's when a double top is most important, when it follows that much data)