Copper is in Bullish Trend. It is making HH and HLs. After series of HH, the instrument made correction. at HL, bullish Engulfing candle predicting its upward move
Pair : CU - Copper
Description :
Breakout and Retest of the Corrective Pattern " Bullish Channel " in Short Time Frame and Completed Impulsive Waves " 12345 " and " ABC " Corrective Waves at Daily Descending Trend Line / Resistance Level
Entry Precaution :
Wait for Rejection and Retracement
Based on the analysis shown on the chart i think there is a strong probability that price will get resistance at this level. a weak close on coming few candles will be a confirmation for this idea.
Cheers!
Dovish Fed Outlook changes the bearish global feeling.
-Consolidation area.
-Consolidation on the breakout area.
-Shakeout area with rebound and strong bullish candles.
TP on the edge of the next big reference area.
SL below the second lowest point.
I have earlier posted a daily chart on Copper sharing my views on this commodity and stating that it is now in wave 3 structure and will be slowly advancing towards 4.67$ mark going into 2024. By referring to that chart you can get a better understanding of this chart since that talks about a bigger picture about what to expect from this commodity.
Coming to this...
Doctor Copper:
Impulsive downward wave. followed by recovery.
Upward sloping trendline is broken which increases the odds of further downside.
Eventually targetting covid19 lows
Pair : Copper - CU
Description :
Completed " 1234 " Impulsive Wave at Lower Trend Line of the Corrective Pattern Bullish Channel in Short Time Frame and it will Complete its " 5th " Corrective Wave at Demand Zone or Daily Descending Trend Line at Fibonacci Level - 61.80%
Entry Precaution :
Wait until it complete its " 5th " Corrective Wave and Reject
we have analyze the very bullish patter in forming in cu .in coming years cu can break the twice the current price.a long swing can be taken looking the monthly candle and s&r compulsory. trend is your friend .
note - not for intraday or scalping.
it is for long term accumulation and knowing about the actual trend in coming years
The commodity has been in a corrective phase well from the beginning of 2023 which now seems to be coming to an end. This could mean new 52 week high for the commodity by early 2024.
in terms of Elliot wave structure the stock is currently in wave ii of wave 3. The up move to be looking forward to would be the wave-iii-3 which could well take the commodity price...
Pair : Copper - CU
Description :
Completed " 123 " Impulsive Waves and it will make its " 4th " Wave at Fibonacci Level - 38.20% / 50.00%. Rising Wedge as an Corrective Pattern in Short Time Frame and Formed " wxyx " Corrective Wave and will make its " z " wave at Daily Descending Trend Line
Entry Precautions :
Wait until it Breaks UTL / LTL and Retest
opper speculative view
weekly on the way to tests major area since first time it was there abou at 2006, it looks bearish like a huge inverted cup&hundle on weekley
but to me it looks more like a retests of the support
and in strange feeling im leaning that it will folow orange juice and coffe
basicly the food and metals are getting more expensive in the world...
Pair : Copper - CU
Description :
Falling Wedge as an Corrective Pattern in Long Time Frame and Breakout the Upper Trend Line and making its Retracement in a Corrective Pattern " Bearish Channel " in Short Time Frame. Completed Impulse and Correction " ABC "
Entry Precautions :
Wait until it Breaks and Retest UTL
copper speculative view
weekly tests major support area .it looks bearish and kinda on the way to create a descending triangle on weekley
but could be retest of the support since 01.2021
all theory will be demolished if price close and retest under 3.54941$ area
look for short if close and rejects 3.54941 area
look for long if close and holds 3.63642...
