$HG_F (Copper) Short-term Elliott Wave Analysis 11.24.2014

$HG_F (Copper) has been rejected in every rally and we maintain our bearish Elliott Wave view on Copper for at least another extension lower. We think new high & failure seen on Friday completed wave X and next leg lower has started. Near-term focus is on 2.995 – 2.983 area to complete wave (( w )) before we get a bounce in wave (( x )) and lower again. Wave (( x )) bounce would be expected to correct the decline from X high (3.776) and more down side toward 2.927 – 2.892 area to end a cycle from 3.116 high. We don’t like buying into proposed bounces.

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