See PRZ in the next post!
Refer to Related Idea "Copper to get cut by a third" for my original analysis.
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.
Imo ... the top from 2006 was the end of impulse / supercycle /, and now we are in wave C correction - that increasingly looks like a Expanded Flat. thepatternsite.com
I am still bearish on the copper. Indicators suggest a continuation of downtrend. Only The People's Bank of China here maybe something change.
This is a follow up of the last elliott wave analysis published 8 months ago www.tradingview.com The basic change is in the extended 5th. The diagonal as we expected did not work due keep the original wave count as originally stated is impossible due now will see the 3rd wave as the shortest. This can't be even in diagonals. So the best way to update it is by...
Copper has found resistance and is moving back lower. Look for selling opportunities.
Copper (HGK2015) has recently tested the 2.88-3.00 resistance - see related idea linked below. A series of reversal bars during 15 trading days (23mar - 10apr) are signalling an incipient bear trend resumption. We are targeting the recent pivot low (2.5910) - 1st target. Drop should be fast (1-2 days)
We have just tested the 2.93-3.00 resistance - trend is down + weekly reversal bar - look for selling opportunities in HG
Update: Trade is active Update: First Target Reached, closed half position. Update: Second half stopped out at breakeven Looks good for a short trade : Overall long term trend is Bearish Major rejection and Gravestone doji at previous major low and resistance level 200-Days Simple average covering price Falling Trend Line Short term Bearish divergence...
The reaction in crude oil affected many other commodities, first of all Copper. Copper was knocking at the very last support at 242.35 cents/lb last week, and all fundamentals add pressure daily. Technically, if march copper doesn't break the key-point at 264.60 shortly, the pressure will become even bigger and the support @ 242 won't be able to hold...
Copper (Weekly). Break_Down. Elliot Wave 5. ABC potential. Breaking long term support. Retest(s) possible. Under 50%. Under 50 sma, and downtrend_line. Triangle(b) 1st Target, 61.8% retracement, 1.272 extension. Within larger Descending Triangle(a). RSI geometry. Potential Limited Rallies.
Copper has been pushing lower to the support of this monthly descending triangle, the breakout of the triangle was confirmed last week. The projected target for the pattern is near the 2.00 mark also near the main rising trend line. I am suggesting two possible trades, one in the near term, on the right hand side daily chart, and the other on the Monthly chart...
If we take a look from 2006 the full view seems very probably we are in a expanded flat. Actually the decline from 4.6480 seems to be the 1)) wave o a C] wave The decline have several hints to confirm this view: Wave 4th has a near to 50% retracement and is in a contractile triangle shape Wave 5th is the extended one and are near to its 61.8% portion of...
As many will be well aware copper has confirmed a break of the descending triangle. A clear channel has also been playing out with the bottom of the channel still some 8% away.