Best reading of Elliott wave cycles suggests that cycle from 8/30 low is unfolding as a zigzag where wave ((a)) ended at 2.219 and wave ((b)) ended at 2.0845. Wave ((c)) is in progress as 5 waves and the metal has reached 100% of the ((a)) and ((b)) so minimum requirement is met to call wave W complete and cycle from 8/30 low ended. However, near term, while pullbacks stay above 2.2058, the metal has scope to do a marginal high towards 2.262 – 2.276 area to complete wave W and end cycle from 8/30. Once wave W is complete, expect the metal to do wave X pullback in 3, 7, or 11 swing to correct the cycle from 8/30 low before turning higher again. We don’t like selling the proposed pullback and expect buyers to appear after wave X pullback is complete in 3, 7, or 11 swing as far as pivot at 8/30 low (2.063) remains intact.
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