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.
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