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COPPER ( $HG_F ) Forecasting The Rally After Double Three Pattern

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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.

Copper

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

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.

Copper

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CPER Copper Index Tracker Long Term Cycles & Elliott Wave

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CPER Copper Index Tracker Long Term Cycles & Elliott Wave

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 weekly 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 weekly chart.

Secondly the CPER Copper Index Tracking instrument from the all time highs made what is favored to be a double three correction lower in the wave ((b)) that ended at the 12.97 lows in January 2016. From the January 2016 lows up into the December 2017 highs appeared to be an Elliott Wave impulse. The bounce was strong enough on momentum indicators to suggest it had ended the cycle lower from the all time highs. This is as reflected in the weekly chart shown above.

The analysis continues below the CPER daily 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. This daily chart decline in wave (II) analysis is derived from price highs and lows. This is coupled with momentum indicator reading highs and lows. The August 2018 lows at 16.20 represent the end of the cycle lower from the December 2017 highs. From there into the April 2019 highs appears to have been an expanded flat 3-3-5 structure. This had another low in January 2019 in 3 waves before getting higher in 5 waves to the April 2019 highs.

In conclusion. The decline from the April 2019 highs is either impulsive as in a five wave c or a double three w-x-y.  Either way it should continue lower toward the equal legs area at 13.66 for the rest of this year. If the decline from the April 2019 highs is impulsive, bounces should remain below the July 2019 highs before it reaches the target area at 13.66. Providing it remains above the January 2016 lows it can see a longer term turn back higher develop.

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