Friday, June 10, 2016

Elliott wave analysis of Copper - Look for a bottom between 2.01 - 1.98

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. 
If you like the above post and want more like it, then you should consider joining my service Click at the link and see, what I have to offer. 

No comments:

Post a Comment