Short term Elliott wave view in Copper (HG) suggests the rally from April 1, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from April 1 low, wave 1 ended at 4.16 and pullback in wave 2 ended at 3.988. Wave 3 is currently in progress with internal subdivision as another impulse in lesser degree. Up from wave 2, wave (i) ended at 4.034 and pullback in wave (ii) ended at 3.9985. Copper then extends higher in wave (iii) towards 4.277, and dips in wave (iv) ended at 4.223. Final leg higher wave (v) ended at 4.2965 and this completed wave ((i)) in higher degree.
Pullback in wave ((ii)) ended at 4.2039 and the metal has extended higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 4.296 and pullback in wave (ii) ended at 4.2465. Wave (iii) ended at 4.517, and wave (iv) is in progress as a zigzag and should complete at 4.4 – 4.43 blue box area for 1 more high to end wave (v) of ((iii)). Afterwards, it should pullback in wave ((iv)) before the rally resumes. Near term, as far as pivot at 4.2039 on April 21 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.
