Copper in an Uptrend

Intermediate

Hello traders!

Copper can be unfolding a bigger, five-wave recovery, up from March of nineteen of 2020. Now price can be trading into final stages of a higher degree wave 3 of a bullish cycle, up from 2.364 level, so be aware of limited upside, and a pullback in the next couple of days or weeks. Sub-wave 5) of 3 can look for resistance at the 3.05/3.1 level.

A drop below the lower Elliott wave channel line would suggest a top in place for wave 3, and a correction as wave 4 underway.

Copper, 4h chart
Copper, 4h

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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