Short Term Elliott Wave View in Copper (HG) suggests that correction from 5.20.2024 high remains in progress. The internal subdivision of the correction is unfolding as a double three Elliott Wave structure. Down from 5.20.2024 high, wave (W) ended at 4.305 and rally in wave (X) ended at 4.7015. Wave (Y) lower is in progress as a zigzag structure. Down from wave (X), wave ((i)) ended at 4.551 and rally in wave ((ii)) ended at 4.657. The metal then extends lower again in wave ((iii)).
Down from wave ((ii)), wave (i) ended at 4.476 and rally in wave (ii) ended at 4.6025. The metal turns lower again in wave (iii) ended at 4.2 and wave (iv) rally ended at 4.242. Wave (v) lower ended at 4.162 which completed wave ((iii)) in higher degree. Rally in wave ((iv)) is currently in progress to correct cycle from 7.10.2024 high in 3, 7, or 11 swing before it resumes lower again. Near term, as far as pivot at 4.701 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% – 161.8% Fibonacci extension from 5.20.2024 high. This area comes at 3.6 – 3.81 where support can be seen.
