Long-Term Prospects of CopperCopper, symbol, HG, price action is giving us an early warning of a Bear Market with price trading above the 50 week ema, which is below both the 200 and 800 week emas, with the 200 still above the 800. Price is currently above the 9/13/30/50 week emas, so it currently is in a rally, but the long term emas are mostly flat, telling us we are in a accumulation/distribution phase. The long term candle sticks tell us to have caution here, with long upper whicks and the dark cloud for this week. Elliott Wave tells us we should be expecting the end of this year and a half long triangle with the e-wave putting in a top.
On the even longer-term perspective, this market is clearly targeting 1.4, where I expect a multi-year bounce. The bounce will proceed prices below 1.25, so let that sink in. Put that out of your mind for Today though, the thing you should be noticing here is how price is drawn to the equilibrium point of prior consolidations. That gives us a good idea of where price will be drawn to as this correction continues.
The Commodity is in a Bear Market Rally with price trading above the 50 day ema, though the 50 is above the 200, yet still below the 800 day emas. The 50 day ema is currently up trending, though price just dropped down through the 13 ema and tested the 30 ema. We’ve had three pushes up from the (d) – wave low and it looks like at peak formation for the (e) – wave is starting to form. Would expect to see a rally back up to 2.84 next week along with a stop hunt high before a strong sell-off gets under way.
The Commodity is in a Correction of a Bull Market on the 4 hour, with price below the 50 ema, which is above the 200 ema, which is above the 800 ema. Price traded down to just above the 200 ema this week, will probably give it another test early next week before aggressively bouncing back up to the highs in order to finish out the peak formation later in the week.
This is my Copper look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
This is my Copper look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
