Copper - Look for a bottom between 2.01 - 1.98
Copper has been hit hard this week due to large increases in the LME copper stockpiles, should we be worried? I don't think so. The Elliott wave count tells us that the three month correction from mid-March is close to terminating, with the ideal downside target seen at 1,98 from where a new impulsive rally to above 2.23 should be expected for a rally towards the 38.2% corrective target at 2.97.
The first good indication of a bottom being in place, will be a break above 2.054, while a break above 2.09 will confirm the bottom for the next impulsive rally much higher.
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