Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of COPPER. As our members know, COPPER has had cycle from the 13th October 2017 in progress as expanded Flat structure. The Commodity was missing another swing down to complete proposed pattern, approximately at 2.622-2.458 ( according to daily chart). Besides that, at that stage we have has bearish sequences in commodity currencies against the American Dollar. Consequently , we expected Commodities to find sellers in 3,7,11 swings sequences as well. We advised clients to avoid buying Copper and keep on selling the rallies when chance occur. In further text we’re going to explain the Elliott Wave structure, forecast and trading strategy.
COPPER Elliott Wave 1 Hour Chart 8.9.2018
As we can see at the charts below, Copper is doing short term recovery, labeled as wave (2) blue. Proposed short term bounce seems to be unfolding as a Elliott Wave Double Three pattern. Propoesed recovery is reaching extremes at 2.8039-2.8199 area. We expect sellers to appear there for further decline or 3 wave pull back alternatively. Anyway, as soon as the price reaches 50 Fibonacci Retracement against the X red low, we will make our Sell positions Risk Free. Stop Loss of the trade is break above 1.618 Fibonacci extension (2.8460)
COPPER Elliott Wave 1 Hour Chart 8.18.2018
COPPER has made showrt term swing up and reached sell zone at 2.8039-2.8199 area . It has found sellers and gave us the decline from the blue box inflection area as expected with the actual high coming at 2.8198. At this stage any short positions should be risk free. Currently the price is doing recovery agianst the 2.8198 peak that can complete at 2.6894-2.7445. Short term view suggests thatas far as 2.898 pivot holds, more weakness is possible in this Commodity.
Keep in mind marked is very dynamic and proposed view could have ended in the mean time. 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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