Copper. Multi-year correction is over. Target 1.94
Copper was doing good during last two years as it rallied from sub-2 to above-3 levels.
But the structure is corrective so the wave C finished the correction being equal to wave A by size.
Then we saw a breakdown below the white support this March.
After that there was a healthy pullback, which was rather menacing as it almost broke the earlier top but failed just one cent ahead
keeping the whole structure intact.
So the support at the 2.94 level is crucial as it already rejected the drop once before.
Watch it to be broken before further meltdown could occur in the copper market.
The minimum target is at the previous major low at the 1.94.
What is sad about it - copper means economy, weak copper means weak economy...again?
But the structure is corrective so the wave C finished the correction being equal to wave A by size.
Then we saw a breakdown below the white support this March.
After that there was a healthy pullback, which was rather menacing as it almost broke the earlier top but failed just one cent ahead
keeping the whole structure intact.
So the support at the 2.94 level is crucial as it already rejected the drop once before.
Watch it to be broken before further meltdown could occur in the copper market.
The minimum target is at the previous major low at the 1.94.
What is sad about it - copper means economy, weak copper means weak economy...again?
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