Copper Futures (HG_F ) are bouncing after completing 7 swings down from 10.29 high but our preferred Elliott Wave count suggests down side is far from over and this is just a corrective bounce. Elliott Wave cycles remain bearish against 3.113 high and we view rallies as a selling opportunity in 3, 7 or 11 swings as far as pivot at 3.113 high remains intact. We think 3rd swing higher is in progress and while above 2.993 low, HG_F has scope to reach the ideal inflection area for the turn which lies between 50 fib (3.038) – 61.8 fib (3.056). Targets for next leg down would be in the range of 100 – 123.6 % extension of W-X which we could work out only when wave “X” is over and next leg lower has started. As there is a red arrow at the top so we don’t like buying into proposed push higher.
Click here to view this analysis in video format
We do Elliott Wave Analysis of 26 instruments in 4 time frames (Weekly, Daily, 4 Hour and 1 Hour) with 1 hour charts updated 4 times a day so clients are always in loop for the next move. Please feel free to come visit around the website and click Here to Start your 14 day Trial (No commitments, Cancel Anytime)
