Copper Archives - Page 2 of 4 - Elliott Wave Forecast

Copper ( $HG_F ) Buying The Dips At The Extremes

March 16, 2021 By EWF Vlada

Hello fellow traders. Copper Futures ( $HG_F ) is another instrument that has given us nice trading opportunity lately . As our members know the commodity is showing impulsive bullish sequence in the cycle from the March 2020 low. We recommended members to avoid selling the commodity and keep on buying the dips in 3,7,11 sequences when get chance. In this technical blog we’re going to take a quick look at the charts of Copper published in members area of the website and explain the Elliott Wave structure and trading strategy.

Copper Elliott Wave 4 Hour Chart 1.30.2021

Copper remains bullish against the 3.0318 low . Pull back has reached its equal legs at 3.4953-3.3788 ( buyers area). We see possibility that Copper can make another leg down toward blue box. However, we should keep in mind that minimum number of swings is already in place and turn could happen any moment. Anyway , equal legs is reached and long positions are already open. The main trend is bullish we expect to see at least 3 waves bounce from the marked zone. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a reaction.

You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

Copper Elliott Wave 4 Hour Chart 3.3.2021

The commodity found buyers as we expected. Copper has given us very good rally from the buying zone 3.4953-3.3788 . Pull back (2) ended at 3.4781 low. Currently Copper is giving us (4) pull back that is correcting cycle from the 3.4781 low. Pull back looks to be unfolding as Elliott Wave Double Three Pattern that has scope to reach 3.908-3.7108 area. At that zone we would like to be buyers again.

Copper Elliott Wave 4 Hour Chart 3.3.2021

Copper pair found buyers at 3.4953-3.3788 the Blue Box area. We got nice reaction from there so far. We call wave (4) blue pull back completed at 3.8503 low. Bounce from the buying zone has already reached 50fibs against the B red high, so long positions are risk free. We would like to see further extension higher and break above (3) blue peak (02/25) to confirm next leg up is in progress.

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$CPER Copper Index Tracker Long Term Cycles

February 16, 2021 By EWF Lewis

$CPER Copper Index Tracker Long Term Cycles

Firstly the CPER Copper Index Tracking instrument has an inception date of 11/15/2011. There is data in the HG_F copper futures before this going back many years. That shows copper made an all time high on February 15th, 2011 at 4.649. Translated into this instrument, it is mentioned on the monthly chart. The decline from there into the January 2016 lows appeared to have been a double three in the commodity HG_F. Thus I will work with that idea in this CPER instrument.

The analysis continues below the CPER monthly chart.

Secondly the CPER Copper Index Tracking instrument from the all time highs made what is favored to be a double three correction lower. This ended at the 12.97 lows in January 2016. From the January 2016 lows up into the December 2017 highs appeared to be another double three structure. The bounce was strong enough on momentum indicators to suggest it had ended the cycle lower from the all time highs.

Thirdly, the CPER Copper Index Tracking instrument decline from the December 2017 highs is very ambiguous. This means it is open to more than one interpretation as is most any chart by an Elliott wave analyst. The key points here are as follows. From the 12.87 low from March 20th 2020 created a bearish sequence by taking out the lows from January 2016. This means it could have been a 5th swing lower from the all time highs. The bounce from there in our trend system looks strong and impulsive as well as again suggesting it ended the cycle lower from the all time highs.

In conclusion: Copper has not made another low under the January 2016 lows as did CPER. Each have went well past the December 2017 highs. The price action has denied the usual 7th swing lower in CPER. This instrument should hold well above the March 2020 lows when it corrects the cycle up from there.

Thanks for looking. Feel free to come visit our website. Please check out our services Free for 14 days to see if we can be of help. Kind regards & good luck trading. Lewis Jones of the ElliottWave-Forecast.com Team

COPPER ( $HG_F ) Buying The Dips After Elliott Wave Double Three

December 28, 2020 By EWF Vlada

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Copper Futures ( $HG_F) published in members area of the Elliottwave-Forecast . As our members know, Copper is showing higher high sequences in the cycle from the March low ( 19720). Consequently , we recommended our members to avoid selling Copper in any pull back and keep on buying the dips in 3,7,11 swings whenever get chance. Recently we got short term pull back that has unfolded as Elliott Wave Double Three pattern. In further text we’re going to explain the forecast and Elliott Wave Pattern and trading strategy.

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 and 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, or alternatively they could have W,X,Y labeling.

Copper 1 Hour Elliott Wave Analysis 12.22.2020

Copper Short term pull back is unfolding as Elliott Wave double three pattern with inner labeling: ((w))((x))((y)) black. Each leg of the pull back has corrective structure. Pull back has incomplete sequences at the moment. Due to lower low structure we call for more short term weakness toward 3.4930-3.4695 area ( blue box- buyers zone) .We don’t recommend selling it. Strategy is buying the dips at the marked blue box area. As Copper is bullish against the 3.0337 low, we expect to see 3 waves bounce at least from the mentioned zone. As soon as the price reach 50 Fibonacci Retracement against the ((x)) black peak (3.5928), we should make long positions Risk Free ( put SL at BE).

You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.

Copper 1 Hour Elliott Wave Analysis 12.23.2020

Copper made proposed extension down and reached buyers zone. At this moment we can count clear 7 swings down from the peak, when pull back 4 red ended at 2.4782 low as Elliott Wave Double Three Pattern. Copper found buyers at blue box: 3.4930-3.4695 area . The bounce already reached 50 fibs against the ((x)) high, so all long positions should be risk free at this stage. Current view suggests we can be ending short term cycle from the 3.478 low as ((i)) black. We expect to see 3 waves pull back ((ii)) black, and further rally.

Copper 1 Hour Elliott Wave Analysis 12.28.2020

Eventually we got 3 waves pull back in ((ii)) and further rally as expected. Now we would like to see break above 3 red in order to confirm next leg up is in progress.

Keep in mind that market is dynamic and presented view could have changed in the mean time. 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. You can check most recent charts in the membership area of the site.

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Elliott Wave view: Copper (HG) Still Has Further Upside

December 3, 2020 By EWFHendra

Short term Elliott Wave view in Copper (HG) suggests that the dips to 3.11 on November 11 ended wave ((ii)). The metal has resumed higher and ended wave ((iii)) at 3.52. Internal of wave ((iii)) unfolded as a 5 waves impulse Elliott Wave structure. Up from wave ((ii)) low, wave i ended at 3.26 and pullback in wave ii ended at 3.169. The metal resumed higher in wave iii towards 3.3, and pullback in wave iv ended at 3.235. Final leg higher in wave v ended at 3.33. This completed wave (i) in higher degree.

The metal then pullback in wave (ii) which ended at 3.28. Up from there, wave (iii) ended at 3.50 with internal also as a 5 waves impulse in lesser degree. From there, dips to wave (iv) ended at 3.43, and wave (v) completed at 3.52. This 5 waves move higher ended cycle from November 11 low in wave ((iii)). The metal then pullback in 3 swing (w)-(x)-(y) which found buyers at the blue box equal leg area. Wave ((iv)) is proposed complete at 3.439 and copper has turned higher from the blue box. It now needs to break above wave ((iii)) at 3.50 to avoid a double correction. As far as wave ((ii)) pivot at 3.11 stays intact, dips should continue to find support in 3, 7 or 11 swing for more upside.

Copper (HG) 60 Minutes Elliott Wave Chart

Copper (HG) Elliott Wave Video

Elliott Wave View: Copper (HG) Correction in Progress

October 28, 2020 By EWFHendra

Short term Elliott Wave View in Copper (HG) indicates that the metal has ended the rally from March 19 low at $3.218. The entire rally is unfolding as a 5 waves impulse structure. The 5 waves move higher ended wave ((1)) at $3.218. Wave ((2)) pullback is currently in progress to correct cycle from March 19 low in the sequence of 3, 7, or 11 swing before the rally resumes.

Down from wave ((1)) high at $3.218, wave ((i)) ended at $3.126 and bounce in wave ((ii)) ended at $3.161. The metal then resumed lower in wave ((iii)) towards $3.077 and bounce in wave ((iv)) ended at $3.1125. The metal is expected to end wave ((v)) soon which should also complete wave A in higher degree. Afterwards, it should rally in wave B to correct cycle from October 21 peak before turning lower again.

Near term, as far as pivot at $3.218 high stays intact, expect rally to fail below there in 3, 7, or 11 swing for further downside. The larger degree structure as explained in the video suggests the metal has broken higher from multi decade consolidation which implies a bullish outlook. Thus, the anticipated correction/pullback in wave ((2)) is within the context of a bullish market.

Copper (HG) 1 Hour Elliott Wave Chart

Copper (HG) Elliott Wave Video

$CPER Copper Index Tracker Long Term Corrective Cycles

September 14, 2020 By EWF Lewis

$CPER Copper Index Tracker Long Term Corrective Cycles

The analysis continues below the CPER monthly chart.

Thirdly, the CPER Copper Index Tracking instrument decline from the December 2017 highs is very ambiguous. This means it is open to more than one interpretation as is most any chart by an Elliott wave analyst. The key points here are as follows. From the 12.87 low from March 20th 2020 created a bearish sequence by taking out the lows from January 2016. This means it is in a 5th swing lower from the all time highs. The 5th swing target area is highlighted at 11.83-9.60 on the monthly chart above. Sometimes this area is not reached as this one did in view 2. The bounce from there in our trend system looks strong and impulsive as well as suggests it ended the cycle lower from the all time highs.

In conclusion: Copper did not make that new low and did remain above the January 2016 lows. For that reason I will prefer view 1 that this instrument will hold above the March 2020 lows when it corrects the cycle up from there. If it gets below the March 2020 lows then look for new low in the 5.98 area to be the end of a corrective cycle.