After bottoming at 1.97 in March Copper has seen a nice strong run, but is now late in the cycle of the first impulsive run higher.
The five wave rally of the 1.97 low has been made up off an extended first wave. Calling for equality in length between wave i and wave iii through to the peak of wave v which calls for a peak at 3.9535 from where a more prolonged correction should be expected.
The ideal target for the correction in 2 is seen at the top of wave i calling for a decline to 2.9930 from where wave 3 can take over for the next powerful run higher.
For now let's focus of the final move closer to the 3.9535 target and the correction to follow.
Remember the trend and patience are your friends
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