A possible count for base metals? Probably too early call it off one bullish weekly candle but I will be keeping a close eye on this chart. I have included 2 counts for the correction beginning January 2018 but I'm not particularly confident in either.....in the red count the C wave is too long and in the purple count the C wave is not clearly defined.
The Base Metals market is reproducing a pattern that led to its 11.00 Multi Year Monthly Support in 2016. The formation starts with an aggressive channeled rise from the Support, continues with a Head and Shoulders and ends with a structured decline towards the 11.00 Support again.
We appear to be forming the right shoulder of the new H&S pattern so what should...
Metal investors, keep an eye on industrial metals and mining - TECK, VALE, FCX, nickel, copper, palladium. Weekly technicals beginning to turn up, possible bottoming occurring now. Daily technicals also turning upward. Currently invested in JJN - nickel.