Copper Elliott Wave Technical Analysis

Copper Elliott Wave Analysis

Copper prices have pulled back from their September 2024 highs, correcting the bullish movement seen in August and September 2024. This correction is expected to complete soon, after which the bullish trend is likely to resume.

Copper Commodity Daily Chart Analysis

From a long-term perspective, Copper's price has been developing in a diagonal wave structure since the March 2020 lows. On the daily chart, wave I of the cycle degree concluded in March 2022, followed by a decline for wave II that ended in July 2022. Waves III and IV were completed in May 2024 and August 2024, respectively. The current rise from the August 2024 lows is likely the beginning of wave V. Once wave V completes, a larger correction is anticipated to correct the entire five-wave diagonal structure from March 2020.

Wave V is projected to develop in a corrective three-wave structure. It now appears that wave ((A)) of V concluded in September 2024, and the current pullback is wave ((B)). The H4 chart offers insight into how far wave ((B)) has progressed and its potential continuation.

Copper-Commodity-1D-...


Copper Commodity H4 Chart Analysis

On the H4 chart, wave ((A)) completed as a five-wave impulse structure. The ongoing pullback, wave ((B)), is emerging as a double zigzag pattern. Projections suggest wave (Y) of ((B)) could push the price lower to 4.083. If the price fails to reach this level and instead stages a strong five-wave rally toward October highs, it would confirm that wave ((B)) is complete, signaling the start of wave ((C)). Otherwise, in the short term, downside movement toward 4.083 is favored.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Cocoa Elliott Wave Technical Analysis 

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

Copper-Commodity-4H-...

Related

Unlocking ASX Trading Success: QBE INSURANCE GROUP LIMITED – QBE Stock Analysis & Elliott Wave Technical Forecast

Unlocking ASX Trading Success: QBE INSURANCE GROUP LIMITED – QBE Stock Analysis & Elliott Wave Technical Forecast

Our detailed Elliott Wave analysis of QBE Insurance Group (ASX: QBE) highlights key price trends and...

Read More >
KOSPI Composite Index Elliott Wave Technical Analysis: Bullish Wave 3 Forecast & Trading Strategy for South Korea’s Stock Market

KOSPI Composite Index Elliott Wave Technical Analysis: Bullish Wave 3 Forecast & Trading Strategy for South Korea’s Stock Market

This article offers a detailed Elliott Wave analysis of the KOSPI Composite Index, highlighting a bu...

Read More >
DOTUSD Elliott Wave Analysis: Polkadot Price Prediction, Trading Strategy, Market Trends, Support and Resistance Levels Insights

DOTUSD Elliott Wave Analysis: Polkadot Price Prediction, Trading Strategy, Market Trends, Support and Resistance Levels Insights

DOTUSD Elliott Wave analysis offers valuable insights into Polkadot's price prediction, trading ...

Read More >
VanEck Gold Miners ETF (GDX) Elliott Wave Analysis: Bullish Trend, Resistance & Support Levels, and Investment Opportunities

VanEck Gold Miners ETF (GDX) Elliott Wave Analysis: Bullish Trend, Resistance & Support Levels, and Investment Opportunities

GDX Elliott Wave Analysis indicates a strong bullish trend, with a potential rally to new all-time h...

Read More >
Advanced Forex Trading Strategies: U.S.Dollar /Canadian Dollar (USD/CAD) Forex Elliott Wave Technical Analysis

Advanced Forex Trading Strategies: U.S.Dollar /Canadian Dollar (USD/CAD) Forex Elliott Wave Technical Analysis

This detailed USD/CAD Elliott Wave analysis provides traders with essential insights into the curren...

Read More >
Forex Market Movement and Trading Decisions With Our in-depth U.S. Dollar /Swiss Franc (USDCHF) Elliott Wave Technical Analysis

Forex Market Movement and Trading Decisions With Our in-depth U.S. Dollar /Swiss Franc (USDCHF) Elliott Wave Technical Analysis

Our in-depth USDCHF Elliott Wave Analysis covers daily and 4-hour charts, highlighting key trends, i...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on