HomeContributorsTechnical AnalysisElliott Wave View: Copper Looking to Turn Lower Soon

Elliott Wave View: Copper Looking to Turn Lower Soon

Short Term Elliott Wave View in Copper (HG #F) suggests cycle from 4/5/2022 high ended as a 5 waves impulse structure at 4.0372. This impulse wave lower ended wave 1 in red. Wave 2 corrective rally is now in progress as double three Elliott Wave Structure. Rally from wave 1 began the first leg of the double correction. Wave (a) ended at 4.2062 and a pullback in wave (b) ended at 4.1332. Copper then resumed higher in wave (c) and ended at 4.2833 as wave ((w)) in higher degree.

Down from wave ((w)) high on May 17, wave (a) ended at 4.1915 and bounce in wave (b) ended at 4.2309. Then the metal extends lower in wave (c) towards 4.1316 which completed the connector as wave ((x)). Rally from wave ((x)) is a zig zag correction to complete wave ((y)) and wave 2. Wave (a) of ((y)) formed an impulse and ended at 4.3274. Correction in wave (b) ended at 4.2556. Next push higher we are calling an ending diagonal as wave (c) to complete wave ((y)) and the whole structure as wave 2 correction. This last leg higher should complete at 100% – 161.8% Fibonacci extension at 4.3776 – 4.53 where Copper should turn lower again or at least see 3 waves pullback.

Copper (HG #F) 45 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