COPPER C WAVE
weekly trend LONG
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C WAVE
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Easy chart set up with a trend wave. The indicator is set on 1 minute and weekly timeframe in the input.
Advantages: Can select from many...
Referring to last week's plan for Copper below :
..the price did in fact expanded to the downside as we anticipated after the range was below the 20-week AWR range projection in the previous week. However, as price expansion happened mostly on that Tuesday, the price failed to meet Copper's...
Expecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
Last week's range was roughly only half of what the 20-week AWR was. It was a "miss" week. So, I am anticipating a weekly price expansion next week. I am looking for bull traps at levels I have identified and illustrated on the charts.
My first one on Copper. Let's see how it will close today and open next week. If there won't be any surprise, I expect it to pullback to red area, where I'll start shorting. If it won't rise from here but just keep falling, close bellow 2.58 will be trigger for shorts also. Targets in green are valid for any of these scenarios.
Disclaimer: this idea is solely for...
Copper is going to complete the deep correction within WXY structure.
We are in wave c of Y to hit 2.23 area, where Y=W and correction reaches 78.6% Fibonacci retracement level.
Stop 2.71
Entry market
Target 2.25
The daily chart on Copper shows a strong support around the $2.50 level which lies near the 61.8% Fib level.
The price has recently formed a falling channel, with a broke above signaling a potential continuation of the underlying uptrend. The RSI is in a bullish divergence mode.
Copper is in a big consolidation, so mid-term I expect it to continue downwards to around 2.1$. Long term it should break previous top of 3.3$ and then plunge below 2$ once again.
P.S. blue ghost pattern is from Silver chart, however I expect copper to plunge much faster than Silver.
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