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. So far we have seen 3 swings up from the low so that should have completed wave (( a )) of B. Following a pull back to hold above 3.175 low, expect some more strength in the metal which can take us as high as 3.265 or in case of 7 swings in wave B even 3.298 – 3.328 (50 – 61.8 fib zone) could be tested before the decline resumes. Wave (( a )) was not a 5 wave move so we don’t like buying for the next push higher. 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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