Copper - Topping for a decline to at least 2.48

Copper - Topping for a decline towards at least 2.48

Copper - Topping for a decline to at least 2.48 

Copper spiked resistance at 3.13 for a move to 3.18. This should be it and a correction towards at least 2.48 should now be in the cards for the weeks/months ahead. 

A break below minor support at 3.05 will confirm the top is in place for the expected decline towards 2.48. 

Copper - Could blast higher anytime now

Copper - Could blast higher anytime now

Copper - A break above minor resistance at 2.27 will trigger the next rally higher

Copper - A large Inverse S/H/S bottom calls for a measured rally to 2.68

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. 

 

When a 1+ is highlighted in the right hand corner, more charts is available, in this chart-pack 3 charts can been seen. To see the other charts, click on the chart, which blows it up and in the center part at the bottom a control panel will be highlighted. Use the arrow to see the additional charts.

 

Copper - Look for a bottom between 2.01 - 1.98

Copper - Look for a bottom between 2.01 - 1.98

Copper - Look for a bottom between 2.01 - 1.98

Copper - The right shoulder of a major Inverse S/H/S bottom is closer to bottoming out

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. 

When a 1+ is highlighted in the right hand corner, more charts is available, in this chart-pack 3 charts can been seen. To see the other charts, click on the chart, which blows it up and in the center part at the bottom a control panel will be highlighted. Use the arrow to see the additional charts. 

Copper - Inverse S/H/S complete

Copper - Inverse S/H/S complete

Copper - Inverse S/H/S complete

Copper - Inverse S/H/S complete 

In my February 23 post (you can see it by clicking here) I stated that a break above the neckline resistance at 2,1380 would confirm the 1.9365 low and a rally towards 2.3250. 

Both the measured target of the Inverse S/H/S bottom and the 161.8% extension target of wave (i) comes in near 2.3250, so this target should act as a magnet in the coming weeks.

The former neckline resistance at 2.1380 will now act as support.  

Looking at the larger picture (see the weekly chart) a five year zig-zag decline terminated at 1.9365 and a rally back to at least the top of wave 4 at 2.5000 should be expected over the coming weeks/months. To be honest, I don't think that a rally back to 2.50 will mark a new top for renewed downside pressure, but merely mark a temperary stop on the way higher towards 2.9730 and possibly even higher to the 50% corrective target of the decline from 4,6495 to 1.9365, which comes in at 3.2930.

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Darryl
2014-09-14
Love the good work, most accurate I’ve found in my research. Darryl
Roelant
2016-06-26
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...
Felipe
2014-05-26
Hi,

I recently tried a 30 day membership and I am very happy with the service. Pls keep up the great work!!! I will continue renewing!!

Felipe