Preferred view suggests Copper has complete the triangle thrust which also completed the cycle from 3.425 peak (1.2.2014). We have labelled the decline from 3.425 – 3.175 as wave A and treating the current recovery as wave B which is taking the form of a 7 swing structure. We are currently trading higher in wave (( c )) which is expected to take prices higher toward 3.299 – 3.328 (50 – 61.8 fib zone) from where the decline is expected to resume as far as pivot at 3.425 peak remains intact. Traders wishing to short the metal can wait for 5 wave decline at the end of wave B and then take a position.
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