Short Gold Long Copper Risk and execution on (Daily) time-frame
There is no doubt copper's move is substantial as chart chasers crowd on a few group think narratives: Inflation is around the corner. Is it? Headline inflation in the United States in 1.47 percent. To put that in perspective, it's down four percent from July 2008 highs of 5.4 percent. To add further perspective to that, inflation is cyclical. It has risen,...
Entry shot again at 2.17, based on the 5th wave finish. SL 2.74. This is a short term action, focus on the channel.
SHORT COPPER, Strong resistance at 2.563. 1.618 AB 0.618 AC T Bar SL=2.6 T1 =Top black Line - 2.37 maybe T2 =Red line - 2.168 maybe T3 =1.924 and below
The potential bearish Crab pattern will complete at 2.40 level and the previous structure works at this zone. So it may be good to sell short at about 2.40 levels when bearish candles appear. SL:above 2.44 TP1:2.30 TP2:2.20 and further more
After a nice Copper setup, we must wait for price entry and follow the rules that are on chart ! Gluck !
If copper doesn't retest 2.116 on close, it'll confirm a long term uptrend, and possibly even a long term reversal. This could bode extremely well for the Aussie dollar, and as a general bullish signal for the global economy. Keep an eye on this powerful signal here. Good luck, Ivan Labrie.
Once wave C is over, a bearish reversal should occur. It seems to be too late to join the bulls now.
Bull recoil complete. Time for a tank sub 400? Long term model suggests a run up towards 700
I'll be buying Copper based price action nearing a breakout of it's current triangle pattern and uptrend creating a long opportunity. Take profits will be at key support levels. Good luck and happy trading!
Copper had a nice test back to support and continuation. Looking over done now. Expecting a pullback.
It seems that Copper just retracement was ended at fibo 1.618 level. Meanwhile, there's an intensive buying area from late Aug to mid Sep., strong support here. So just go long in buying zone.
Previous Gartley on COPPER worked out great! Second Gartley has formed and hopefully we will get 2 out of 2. RSI going overbought (82.9) and copper still trading within the triangle gives us extra confirmation for a short.
Copper on resistance. See if there is a rejection.
Copper shows very harmonic long term trading potions started from last Jun , wish butterfly will be valid as well.
The potential bearish Gartley pattern will complete at 2.23-2.26 levels and the D of the AB=CD is also at this zone. Meanwhile the previous structure works at this area. So it may be good to sell short at 2.23-2.26 levels when bearish candles appear at this zone. SL:above 2.28 TP1:2.20 TP2:2.10 and further more
While around 2.1 was the bottom in the triangle. Then it broke the first resistance of the triangle at around 2.2. Now we have two support lines on daily chart those started in 2015. 2.26 might not be a big problem but a pause at 2.3 is appropriate. Let's keep on waiting.