Price is currently at resistance area as well as middle line of parallel channel. I expect a pullback to 3.15-3.165 before another run to previous swing high at 3.23 and also a rally to 3.50 possibly to come.
Classic Wyckoff setup. So good.
5-year downtrend led to a Selling Climax, which was followed by and Automatic Rally.
Accumulation period was 1 year.
Spring and Secondary Test followed to start the new rally.
Signs of Strength and LPS combo = rally
"A series of SOS’s and LPS’s is good
evidence that a bottom is in place and Price
Markup has begun."
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COPPER has had a sweet run higher after returning to the 2.94 support level. Currently we are trading at the 3.30 level and I see this as another potential sell off so here's the analysis so you're all prepared to capitalize on another opportunity.
Ideal Scenario: We post a higher day Monday and just scream on higher to 3.45. Sick!
Medium Risk Scenario: We...
Looking for a reason to be bullish copper? You might cite a weak US Dollar, the world wanting more electric cars, or our obsession with telecom...I'm just looking at the chart.
Bullish trend? Check. Support held? Check. Alright lets look for some higher targets! For me I'm looking for an extension to the 3.4500 level. It might take some time to get there but I'm...