Hello Traders, in this article we will analyze how we were able to forecast here at Elliott Wave Forecast the reaction higher in HG_F (Copper Futures). Firstly, copper was trading within a cycle from 01.18.2023 in a pullback phase. Secondly, we had in place the first leg of the cycle including the connector in place. This allows us to be able to project the equal legs area of the market. Within these areas buyers and sellers agree to a reaction of minimum 3 waves. Using our system we are able to enter trades with a defined entry, risk and take profit strategy.
Our members know how to utilize it in their favor.
Having said that let’s go and have a look on how we saw HG_F during 03.14.2023 4 hour update presented to members showing the area:
HG_F 4 hour update 03.14.2023
As we can see we were already within the Y leg lower towards equal legs area of 3.8603 – 3.6283. Specifically it was trading lower within wave (ii) of ((c)) of Y. From there our members knew the area in which they can enter the market if they were looking for a buy entry.
Now let’s fast forwards the time and see the latest 4 hour weekend update from 03.25.2023 which shows where we are:
HG_F 4 Hour weekend update 03.25.2023
As we can see Copper reacted higher from 3.8223 allowing us to create a risk free position already. Moreover, expecting next to pullback in wave ((ii)) before it can resume the rally higher in wave ((iii)). In conclusion, we are expecting Copper to continue to trade higher in the short term cycle.