Copper Elliott Wave Technical Analysis
The Copper market has been in focus lately as its price trajectory evolves within a broader Elliott Wave framework. This analysis dives into the recent corrective phase and the larger bullish trend, shedding light on potential future movements. Here's a detailed breakdown.
Recent Copper Price Movements
The recent sell-off in Copper, which began in late September, suggests the metal is headed lower toward its September lows. However, this downturn is corrective in nature. The overarching bullish cycle that started in August 2024 and October 2023 is expected to resume afterward, targeting the highs projected for 2024.
Long-Term Perspective on Copper
From a macro perspective, Copper remains within a bullish cycle that began in March 2020. This long-term uptrend aligns with a structural evolution in a diagonal wave pattern. This diagonal pattern is anticipated to finalize a larger bullish cycle originating before 2000. These structural signals reinforce the likelihood of continued upside in the years to come.
Copper Commodity Daily Chart Analysis
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Wave IV Completion: On the daily chart, the diagonal wave structure since March 2020 likely completed wave IV.
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Current Correction: Currently, Copper is correcting wave ((A)) of wave V, placing it in wave ((B)) of V.
- Key Support Levels: If the August 2024 low of wave IV holds and wave ((B)) forms a complete corrective structure, the long-term outlook remains bullish, signaling potential gains in the coming months.
Copper Commodity H4 Chart Analysis
The H4 chart focuses on the sub-wave development of wave ((B)) which is emerging into a double zigzag wave pattern. Wave (X) of ((B)) has already finished and the price is in wave (Y) - precisely in wave C of (Y) of ((B)). Thus, the corrective phase from September 2024 could extend lower toward 4.15-4.00 to complete wave ((B)) before the next bullish phase begins for wave ((C)).
Technical Analyst: Sanmi Adeagbo
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