Thursday, August 18, 2016

Elliott wave analysis of Copper - Finally seems to be ready for the next rally towards 2.6410


Copper - Finally seems to be ready for the next rally towards 2.6410

About a month ago I call for Copper to blast higher anytime (you can see that post by clicking here).

Well the correction in wave ii became a lot deeper than I first expected and it dragged on a lot longer than expected. That said, it finally seems that wave ii is complete and wave iii of (iii) higher to 2.6410 is ready to take over. 

The first strong indication that wave ii is complete and wave iii higher is developing, will be a break above the minor channel resistance-line near 2.1945. A firm close above this resistance-line will call for a rally to 2.2775 on the way higher to 2.38 and then 2.57 with the wave (iii) target seen at 2.64. 


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