Looking at Elliott wave swing sequence, Copper (HG_F) metal is showing 5 swings down from 12/9 high (2.95) which is an incomplete swing sequence so our preferred Elliott wave view is that wave B high at 2.866 would hold for another swing lower toward 2.67 (100% ext) followed by 2.61 which is 100% ext of a larger 4 hour cycle. Drop to 2.745 completed wave (( w )) of C and current bounce is wave (( x )) of C. It is expected to fail between 2.786 – 2.795 area before declines resumes. If it fails to break (( w )) low after test of this area, then it might end up doing 7 swings in wave (( x )) but would still remain bearish below 2.866 high for another swing lower. Only a break of pivot at 2.866 high would negate the swing lower. As arrow is red and line going up is dotted so we don’t like buying the metal and expect to see sellers appearing after 3, 7 or 11 swings as far as pivot at 2.866 high remains intact.
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