Copper has been trading in a bearish channel since 2011 right after bouncing off from the ascending resistance of the ultimate bullish channel. The first corrective wave in the blue bearish channel ended last year and price failed to break out to the upside.
A critical price level has been broken and this will potentially expose the copper price to a further downside. I had forecast this short setup last year and I have now updated my chart.
My first and second price target at $2.32/lb and $1.98/lb respectively were successfully achieved last week. If price breaks my 161.8% fib level, I expect price to reach my third target at $1.29/lb.
A critical price level has been broken and this will potentially expose the copper price to a further downside. I had forecast this short setup last year and I have now updated my chart.
My first and second price target at $2.32/lb and $1.98/lb respectively were successfully achieved last week. If price breaks my 161.8% fib level, I expect price to reach my third target at $1.29/lb.