It ain't easy being DR CAPITALCOM:COPPER
Peaked in March 2022, only to crash -38% & bottomed-out in July 2022.
Since then it has fluctuated between Contraction (will Global Economy collapse?) versus Expansion (will Global Economy recover?), while also contending with outlook of China's Economy, yeesh lol.
Copper's price action has also been compressing,...
In this update we review the recent price action in the #Copper futures contract and identify the next high probability trading opportunity and price objectives to target
Copper is in downtrend from the high of March-07-2022, as per elliott wave analysis the copper seems to be in (corrective) 4th wave. If my analysis and wave counts holds good, then the 4th wave should end below the low of wave 1 which is "4.0346". The 4th wave should clearly show the ABC corrective pattern.
The trade idea is to SHORT COPPER in the 5th wave, there...
- Breaking downtrend (purple line)
- I am a buyer at confirmed breakout of first Retracement level (yellow line)
- Volume Profile suggest we could see the price move from current levels to 2.83 and even 2.9 with little resistance (according to 1D volume profile)
- This kind of attempted breakout, seems to common amongst the commodities complex.
Counters:
- as...
