Copper entering potential support 2.20
Copper reached my long held target below 2.22 and now waiting for signs of a bottom/reversal for longer term rebound (green wave C)
Confluence of supports at 2.20 zone, channel, c/y=a/w and where wave e (blue) of bigger triangle wave B (green) is 78% Fib retrace of length of wave d (blue) of triangle.
Not confirmed until get a reversal and wave e still has scope for closer to 2 but I would not be short any longer having been short the last 18 months
Confluence of supports at 2.20 zone, channel, c/y=a/w and where wave e (blue) of bigger triangle wave B (green) is 78% Fib retrace of length of wave d (blue) of triangle.
Not confirmed until get a reversal and wave e still has scope for closer to 2 but I would not be short any longer having been short the last 18 months
Commentaire:
There is only one more target remaining for the long term C wave higher and that's the all time high around 4.63 which should be reached in coming weeks/few months and given commodities tend to have ENTENDED fifth waves the ultimate top could be much higher.
Wait for shape and nature of pullback to 2.20 area to consider structural long depending on macro outlook/virus progression