HG_F (Copper) has been trading sideways since 11.5 (2.964) low. We have seen multiple rejections in 50 – 61.8 fib inflection zone (3.0400 – 3.057) as buyers and sellers try to overcome each other. We expect this consolidation to resolve to the downside as far as 3.116 high remains intact. Preferred Elliott Wave view suggests move up from 2.964 low is taking the of (( w)) – (( x )) – (( y )) structure when wave (( y )) is in progress. 3.061 was the end of wave ( w) of (( y )) and wave ( x ) appears completed at 3.022. As this level & more importantly 2.981 low holds, another high toward 3.0708 (equal legs) – 3.0801 (76.4 fib) is expected to complete the correction before decline resumes.
We don’t like buying and sellers are favoured in above mentioned area as far as 3.116 high remains intact. Once wave X has completed, downside target would be 0.618 ext of W-X followed by 100% ext of W-X
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