Copper is going to complete the deep correction within WXY structure.
We are in wave c of Y to hit 2.23 area, where Y=W and correction reaches 78.6% Fibonacci retracement level.
I combined both H&S pattern with EW analysis.
On EW side we see the 1st impulse down and now we are in a pullback ABC.
The C wave is pending. It is probably the initial move down in gold within a huge drop down
at least we could see 1200 again and it depends on what structure would unfold then.
Pattern is simple and we should watch the breakdown of the...
The correction could be over and now we got the first move up, which has been retraced now.
The idea is to buy on dips to 1.0990-1.10000 (78.6-50% Fibonacci retracement levels).
Conservative target is at 1.1140. Stop below 1.0985.
Hi there, I would like to share with you my view via the cloning technique as this pair has quite clean chart structure.
I cloned the left drop via bars pattern drawing tool and inserted it to the right in the blue color for visual comfort.
As you can see the current drop looks very similar and if it keep going so then there the correction could appear