Short Term Elliott Wave structure in Copper suggests the rally to $2.64 ended wave (2). The metal has since resumed lower in wave (3). The internal of the move lower is unfolding as an impulse Elliott Wave structure. Down from 2.64, wave ((i)) ended at $2.578, wave ((ii)) ended at $2.626, wave ((iii)) ended at $2.547, wave ((iv)) ended at $2.575, and wave ((v)) ended at $2.49. This move lower from August 14 high (2.642) to 2.49 completed wave 1 in the higher degree.
Wave 2 bounce is currently in progress to correct the cycle from August 14 high. The internal of the rally is proposed to be unfolding as a double three Elliott Wave structure. Up from $2.49, wave ((w)) ended at $2.549 and wave ((x)) ended at $2.528. Wave ((y)) of 2 is expected to reach the blue box area of 2.586 – 2.623. From this area, Copper should then resume lower or pullback in 3 waves at least. We don’t like buying the metal. Expect the metal to find sellers and extend lower soon or at least pullback in 3 waves as far as pivot at 2.642 high stays intact.
Copper 1 Hour Elliott Wave Chart