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 we think wave (( x )) has completed at 2.794 and in the area that we highlighted in Chart of the day presented yesterday. Decline is now expected to resume for new lows toward 2.67 and in extension 2.61. If metal breaks above 2.794 high, then we expect it to find sellers again at next set of equal legs which lies between 2.804 – 2.816 and would coincide with 50 – 61.8 fib area of wave (( w )) as well. Only a break of pivot at 2.866 high would negate the next swing lower.
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