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Elliott Wave View: Copper (HG) Correction In Progress

Short term Elliott Wave View in Copper (HG) indicates that the metal has ended the rally from March 19 low at $3.218. The entire rally is unfolding as a 5 waves impulse structure. The 5 waves move higher ended wave ((1)) at $3.218. Wave ((2)) pullback is currently in progress to correct cycle from March 19 low in the sequence of 3, 7, or 11 swing before the rally resumes.

Down from wave ((1)) high at $3.218, wave ((i)) ended at $3.126 and bounce in wave ((ii)) ended at $3.161. The metal then resumed lower in wave ((iii)) towards $3.077 and bounce in wave ((iv)) ended at $3.1125. The metal is expected to end wave ((v)) soon which should also complete wave A in higher degree. Afterwards, it should rally in wave B to correct cycle from October 21 peak before turning lower again.

Near term, as far as pivot at $3.218 high stays intact, expect rally to fail below there in 3, 7, or 11 swing for further downside. The larger degree structure as explained in the video suggests the metal has broken higher from multi decade consolidation which implies a bullish outlook. Thus, the anticipated correction/pullback in wave ((2)) is within the context of a bullish market.

Copper (HG) 1 Hour Elliott Wave Chart

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