$HG_F (Copper) 1 Hour Elliott Wave Analysis (5.16.2014)

Preferred view is that dip to 3.003 completed wave B of X and metal is now trading higher in wave C of X which can reach as high as 3.265 before the decline resumes. Short-term, a cycle from 3.003 low looks to have completed , we have labelled this as wave (( w )) as per our preferred Elliott Wave count and expecting metal to pull back  in wave (( x )) before it continues higher again. As we expect more upside after the pull back, we are not interested in selling into (( x )) wave pull back. (( c )) = (( a )) and (( c )) = 1.236 x (( a )) ext levels lie at 3.1094 and 3.0974 respectively where wave (( x )) is likely to complete.

Trading is NOT an easy job. You need someone to keep you on right side. Start your 14 day Trial

Get *FREE London and Mid-day NY updates with Premium & Premium Plus plans (Expires 31 May 2014)

Subscribe to our Commodities Blog

First Name: *
Last Name: *
Your Email Address: *