Tue, Sep 27, 2022 @ 04:19 GMT
HomeContributorsTechnical AnalysisElliott Wave View: Copper Looks To Extend Higher

Elliott Wave View: Copper Looks To Extend Higher

Short Term view in Copper suggests the rally from September 21 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from September 21 low, wave ((i)) ended at 4.3175 and pullback in wave ((ii)) ended at 4.0545. The metal then extends higher in wave ((iii)) as another 5 waves in lesser degree. Up from wave ((ii)), wave (i) ended at 4.3955 and pullback in wave (ii) ended at 4.3050. The metal extends higher in wave (iii) towards 4.781, wave (iv) ended at 4.7025, and wave (v) of ((iii)) ended at 4.823.

Pullback in wave ((iv)) is proposed complete at 4.537 as a double three structure. However, the metal still needs to break above wave ((iii)) at 4.823 to rule out a double correction. Down from wave ((iii)), wave (w) ended at 4.5935, wave (x) ended at 4.7575, and wave (y) ended at 4.5370. This completed wave ((iv)) in higher degree. Up from there, the metal should end wave (i) of ((v)) soon with 1 more push higher. It should then pullback in wave (ii) before the rally resumes. Near term, while pullback stays above 4.537, and more importantly above 4.309, expect the metal to extend higher within wave ((v)).

Copper 30 Minutes Elliott Wave Chart

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading