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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