Copper (HG) rally from 9.28.2022 low is unfolding as a nesting impulse Elliott Wave structure. A nest is a series of 1-2-((i))-((ii)) which is an extended version of an impulsive structure. Up from 9.28.2022 low, wave 1 ended at 3.96 and wave 2 pullback ended at 3.5410. Wave 3 is currently in progress with internal subdivision as another impulse in lesser degree. Up from wave 2, wave ((i)) ended at 3.929. The 1 hour chart below shows pullback in wave ((ii)) ended at 3.708. The metal has extended higher again in wave ((iii)).
Up from wave ((ii)), wave i ended at 3.865, and pullback in wave ii ended at 3.7985. The metal extends higher again in wave iii towards 3.988, pullback in wave iv ended at 3.932, and final leg wave v ended at 4.044 which completed wave (i). Pullback in wave (ii) then ended at 3.987. The metal extends higher again in wave (iii) towards 4.186 and pullback in wave (iv) ended at 4.129. Expect wave (v) higher to complete soon with a few more high and that should complete wave ((iii)) in higher degree. Afterwards, the metal should pullback in wave ((iv)) to correct cycle from 1.4.2023 low before it resumes higher. Near term, as far as pivot at 3.708 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
Copper 60 Minutes Elliott Wave Chart
