Low risk. Target 1 remains at 1.65. After that I will trail targets.
Taken quite a few steps back to see where this metal has come from in the hopes of seeing where we likely to be heading in the future. While in free fall we are sat on potential new TL currently. Break that and we look like we're heading to 1.50. Support around 1.40
Short palladium into the mid 200's. Buy between 240 - 250 sometime between May 2016 - October 2017. I think closer to October 2017
Crude is reaching important Fibonacci projections, at important graphical support. USDCAD near key resistance around 1.4250 while copper is at important monthly support on trendline linking the lows near $1.95/$2.00. The whole commodity complex seems due for at least an important rebound, at least the risk/reward is starting to be interesting.
Tho a close back above 2000 would be a lovely false b/o if this came to pass s/t. Would wait for break of current down Ch for confirmation. Otherwise capitulation bottom is next. Note Copper has not (completely) collapsed like alot of the commods. Does the good Dr know something?
I already took a profit on my last position. I am adding to my position here. Dear old China should take us to our target.
Not looking too good for Copper. A break of 2.00 should send Copper to test the bottom of this wedge formation at around 1.8 area. Could even go as far as low 1.7 to 1.50 in which case it will be a screaming buy. Copper along with other metals like gold and silver are looking to complete their final leg down. Like comment and follow for more trade updates and...
GBPAUD is approaching the yearly MA, and also about to complete a downtrend signal in the daily chart. It's possible that shorts will be unwound soon, by year end, we might see a large short squeeze rally in this pair, and maybe even the opening of new institutional longs for the new quarter. I'm really interested in entering with the tightest stop possible, so...
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I had a downtrend signal in my past chart, which has hit target. When this happens, we can usually expect a reversal or retracement from it, and it's what is happening here. We have a strong base for a rally, and a potential retracement entry, which if triggered can be a good way to tackle this rally. Props to my mate Tom Killick, his last chart is in related...
Copper, just like the rest of the metals (see analysis for gold below), completed a bullish pattern - Bullish AB=CD pattern. Unlike gold that rallied strongly following Friday's NFP numbers, Copper didn't make the breakout and still below its daily Fast SMA line. If Copper will break above 2.08, it could lead to a strong rally that can reach up to 2.2-2.25 -...
As Australia is a main exporter of Copper, there is a strong correlation between the metal and AUDUSD rate. Recently, there has been an ongoing divergence between these 2 instruments which usually move in tandem. While Aussie has been registering higher highs and higher lows, Copper has become under sever selling pressure and its August lows have been breached....
Probable Elliott wave count on Copper counted as W-X-Y where X was a contracting triangle, and wave C of Y may be tracing an Expanding Diagonal. At 2.1475, wave W = Wave Y which is closely clustering with the 70.7% retracement level of 2.2135 of the entire rally post the 2009 bear market.