Is Copper ready to break onto the 3rd wave to the higher cycle?..............Is the ABC move complete with C wave truncation to the lower cycle?.........Break for 3rd wave..strong moves expected with the break.
Yesterday I posted the Copper daily chart showing how the back of the bear was broken with the strong looking MACD divergence with a rising RSI to price. The above chart shows how I think we could well be into the start of wave B
Daily chart analysis - Just sitting above major trend line support and trading within a falling wedge structure. Indicators show a rising RSI with MACD diverging to price. Favourable R/R trade with 1st target price 2490
Looking at the daily chart we have two interesting formations that could indicate a short term upswing. Indicators also seem to be slightly diverging to price.
We have a potential 'Wolfe Wave' and Cypher pattern. Wolfe wave price target of around 420 with projection time being Ex-Div date. The cypher target would be 395.
When I gave my analysis early on in the year for Vedanta, I gave my projection of 540-570 for the bottom of higher degree wave 2. Are we now into the 3rd wave? I think we are.
Discussions most welcome.