HomeContributorsTechnical AnalysisCopper (HG) Low Likely in Place with 5 Waves Rally

Copper (HG) Low Likely in Place with 5 Waves Rally

Short Term Elliott Wave in Copper (HG) suggests the metal ended wave ((2)) pullback at 3.54. The metal has turned higher in wave ((3)). Rally from wave ((2)) low is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave ((2)), wave (i) ended at 3.618 and pullback in wave (ii) ended at 3.578. The metal extends higher in wave (iii) towards 3.694 and pullback in wave (iv) ended at 3.667. Copper then extends higher again in wave (v) towards 3.711 which completes wave ((i)).

The metal then corrected in wave ((ii)) towards 3.622 with internal subdivision as a zigzag. Down from wave ((i)), wave (a) ended at 3.627, wave (b) ended at 3.694, and wave (c) lower ended at 3.622. This completed wave ((ii)) in higher degree. The metal then extends higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 3.656 and pullback in wave (ii) ended at 3.624. The metal rallies higher in wave (iii) towards 3.7315 and pullback in wave (iv) ended at 3.676. The metal extends higher again in wave (v) towards 3.789 which completed wave ((iii)). Pullback in wave ((iv)) ended at 3.686. Wave ((v)) higher unfolded as a diagonal and ended at 3.833. This completed wave 1 in higher degree. Wave 2 pullback is in progress now as a zigzag structure. Down from wave 1, wave ((a)) ended at 3.735. While rally in wave ((b)) fails below 3.833, expect the metal to turn lower in wave ((c)) to complete wave 2. As far as pivot at 3.54 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

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