In this technical blog, we are going to cover past performance as well as some recent 1 hour Elliott Wave Charts of Copper, that we presented to our clients. We are going to explain the structure and the forecast below.
Copper 1 Hour Elliott Wave Chart From 12/29/2018
Above is the 1 Hour Chart from 12/29/2018 Weekend update, in which the decline from 12/03/2018 peak ($2.856) was expected to take place in 5 wave impulse structure within Minor wave C lower. Also, the sub-division from 12/03 peak in lesser degree decline unfolded in 5 waves impulse structure i.e Minute wave ((i)) & ((iii)). Which favored more downside for another extension lower in lesser degree Minute wave ((v)) against $2.8038 peak, while Minute wave ((iv)) being called completed at $2.726 peak as a Flat structure.
Copper 1 Hour Elliott Wave Chart From 1/03/2019
Copper 1 Hour Elliott Wave Chart from 1/3/2019 London update, the metal failed to new lows in Minute wave ((v)) as expected. Looking to reach $2.5709-$2.5463 100%-123.6% Fibonacci extension area of Minute wave ((i))=((v)) target blue box area before it ends the Minor wave C as well as intermediate wave (W) lower & bigger 3 wave bounce develops.
Copper 1 Hour Elliott Wave Chart From 1/08/2019
Copper 1 Hour Elliott Wave Chart from 1/8/2019 NY update, metal made the last push lower as expected & started bounce higher from the aforementioned blue box area as expected. Please note that we adjusted the count slightly to double three instead of a Zigzag based on our distribution & correlation system. Now coming back to the chart, the metal placed the low at $2.5439 & continued the bounce higher as zigzag structure.
Copper 1 Hour Elliott Wave Chart From 1/15/2019
Copper 1 Hour Elliott Wave Chart from 1/15/2019 London update, in which the metal ended the first leg of a bounce in lesser degree 5 waves structure within Minor wave A at $2.686 high. Down from there, Minor wave B is proposed complete at $2.616 low. While dips remain above there and more importantly expect Copper to extend higher in Minor wave C towards $2.759-$2.848 100%-161.8% Fibonacci extension area of Minor A-B before next selling opportunity appears looking for 3 wave reaction lower at least.
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