Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of COPPER ( $HG_F) published in members area of the Elliottwave-Forecast . As our members know, COPPER recently corrected the short term cycle from the 2.6132 (November 14th ) low. Pull back unfolded as Elliott Wave Double Three pattern. After the pull back completed we got expected rally when the Commodity broke 11/07 peak, suggesting potential extension higher within the short term cycle from the 2.6132 low. In further text we’re going to explain the forecast and Elliott Wave Pattern.
Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.
Elliott Wave Double Three Pattern
Double three is the most important pattern in New Elliott Wave theory and probably the most common pattern in the market these days, also known as 7 swing structure.
It’s a very reliable pattern which is giving us good trading entries with clearly defined invalidation levels and target areas.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.
Now, lets’ take a look what Elliott Wave Double Three looks like in the real market.
COPPER 1 Hour Elliott Wave Analysis 12.03.2019
COPPER has corrected the short term cycle from the 2.613 low. Pull back unfolded as Elliott Wave double three pattern with inner labeling: wxy red. Each leg of the pull back has corrective structure. At this moment we can count clear 7 swings down from the peak. Pull back is counted completed at this stage, however we would like to see further separation higher from the current low to get confirmation. Otherwise 2.6132 low can get vulnerable. We advise members to avoid selling the commodity and expect buyers to appear soon for proposed leg higher.
COPPER 1 Hour Elliott Wave Analysis 11.20.2019
2.6132 low held nicely and Commodity found buyers as we expected. We got nice rally when the price eventually broke above 11/07 peak, suggesting next leg higher still can remain in progress. Current short term view suggests cycle from the 12/03 low is unfolding as Impulsive 5 waves rally, when we’re now in wave ((iii)) .
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
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