Wednesday, July 20, 2016

Elliott wave analysis of Copper - Can blast higher towards 2.64 - 2.68 anytime now

Copper - Can blast higher towards 2.64 - 2.68 anytime now 

Copper is now in the position to blast higher anytime now. 

The long term Elliott Wave Count called for important corrective low in mid-January at 1.9355 for a rally back to the top of wave (iv) of C at 2.97. 

Since mid-January low a five wave rally was seen to 2.32 in wave (i) which was followed by a prolonged flat correction in wave (ii) to a low of 2.01 and wave (iii) higher is now getting ready to really take off towards the 2.64 - 2.68 area. 

Short term, a break above minor resistance at 2.27 will be the "GO" for a strong rally in wave (iii) higher. 

A large Inverse S/H/S bottom can be seen. The neckline resistance near 2.16 has been broken and once the ongoing consolidation just above the neckline is complete that will call for a measured rally towards 2.68. 

So copper has everything going for it at the moment, so keep an close eye of minor resistance at 2.27 as the trigger for the next strong rally higher. 

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