Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of Copper futures published in members area of the website. As our members know, Copper is correcting the cycle from the 2.4536 low. Short term cycle from the April 17th peak is still in progress and we expect more short term weakness in the commodity. Recently Copper gave us clear 3 wave bounce and reached important technical area from where we were calling turn lower. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a pull back.
Let’s take a look at the charts.
COPPER Elliott Wave 1 Hour Chart 4.30.2019
The Commodity is giving us recovery against the 04/17 peak. Proposed correction is unfolding as ((a))((b))((c)) Elliott Wave ZIG ZAG Pattern. The price has reached important zone equal legs area, blue box at 2.9019-2.9243. However we believe the recovery is still in progress, when we’re still in ((c)) of 2. Current price structure is missing pull back and another leg up to have clear 5 waves in ((c)) leg. Wave 2 is expected to complete at market blue box area, where sellers should appear for proposed decline toward new lows. You can learn more about ZIG ZAG patterns at our Elliott Wave Educational Web Page.
COPPER Elliott Wave 1 Hour Chart 5.1.2019
Eventually sellers appeared and we got decline from the blue box area. Wave 2 red correction is counted completed at 2.9239 high. We got 5 waves decline from the peak, and now doing short term bounce wave ((ii)) against the mentioned high. As far as the price stays below 2.9239 high we expect further decline to happen in wave 3 red. We would like to see further separation from the peak and don’t recommend buying Copper at this stage.
COPPER Elliott Wave 1 Hour Chart 5.3.2019
Copper has held 2.9243 high and we got proposed decline. Current view suggests we have ended wave 4 red and still can get another leg down- wave 5 to complete 04/17 cycle. We don’t advise buying Copper and favor it lower for another leg as far as 2.924 peak holds.
Keep in mind market is very dynamic and proposed view could have ended in the mean time. You can check most recent updates in the Membership Area of the Website . Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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