Copper is most likely in some kind of topping process, but we need a break below important support at 395 to confirm the top.The MACD-Indicator is turning lower telling us, that we should soon see the test of 395, a break here will confirm, that the global economy is getting weaker.
A break below 395 should open up for a decline towards the 272 area.
From an Elliott Wave point of view I regard the rally from 124.75 as part of a major expanded flat correction. Where the rally from 124.75 to 462.55 was wave B and wave C will be kick into action if we break below 395. The long term target for wave C is below the start of wave B at 124.75 say in the 89 - 90 area.
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