ck9888
Short

Copper in 5 wave down currently wave 2

OANDA:XCUUSD   CFDs on Copper (US$ / lb)
I have been following copper since 22nd June when I thought stochastics would cross over and go long. Never happened and I have been tracking it's bear run ever since.

After reading a few different views, I think Copper still has a way to go down in the short term before a possible swing back up. Looking at the weekly chart, there was a 5 wave up followed by a series of corrective waves. Now it looks like a wave down.


The upwards corrections in recent days are probably smaller corrective waves in the middle of a 1 wave down. There could be a 5 wave down.

Back to the daily chart .


After placing a Schiff pitchfork using the last ABC wave as pivot points , and extending the fib scale of wave AB of the last ABC wave, there is still more potential downside before a copper recovery. I may have to retune my stochastics to 12,3,3 to watch the crossover for me to short after the peak of wave 2.

There could still be a 3rd corrective wave in wave 1 coming that I have not mapped.

Comments

Wow... I really missed the Wave 2 back up. I was so concerned with looking for wave 3 down I did *not* get that stochastics had crossed over and the trailing bars were making higher highs... we learn.

Anyway, back to the main game of watching for stochastics on the daily chart to cross and catch wave 3 down. The weekly and daily charts still support my bearish view.


Daily way off 50 MA


p.s. my comment below with the same post is incorrect. I missed the crossover indicating wave 2 back up.... I could have ridden that wave back up instead of worrying about the trend down. It was a clear buy signal that I missed in a bear market.
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Wow... I really missed the Wave 2 back up. I was so concerned with looking for wave 3 down I did get that stochastics had crossed over and the trailing bars were making higher highs... we learn.

Anyway, back to the main game of watching for stochastics on the daily chart to cross and catch wave 3 down. The weekly and daily charts still support my bearish view.



Daily way off 50 MA

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