Copper Elliott Wave Technical Analysis – TradingLounge Daily & H4 Charts

Market Outlook

Copper and other precious metals are undergoing a corrective phase after the strong rally observed in May. This correction is considered a natural part of the broader bullish cycle that initiated in April. The medium-term projection remains bullish, with expectations for higher prices once the current consolidation concludes.

Copper Daily Chart Analysis

The bullish momentum in Copper began in March 2020, forming a clear 5-wave diagonal advance that ended in March 2025. This structure is identified as wave (I) in the Elliott Wave sequence. According to Elliott Wave Theory, a 5-wave advance is typically followed by a 3-wave correction. Copper adhered to this expectation with a sharp decline post-March 2025, forming wave (II), which completed in April 2025.

After wave (II), a significant recovery took place. Given the strong movement of wave (II), some analysts may consider it an impulsive wave rather than purely corrective. This scenario allows for the potential of a double correction within wave (II), provided that Copper fails to break above its March 2025 high, and continues to trade below the April 2025 low.

From the April low, Copper completed a 5-wave structure labeled as wave ((1)) of I of (III), followed by a pullback classified as wave ((2)), finalized on May 8th. The following upward movement could represent waves (1) and (2) of ((3)), indicating continued bullish development.

Copper H4 Chart Analysis

On the 4-hour timeframe, Copper appears to be forming wave B of (2), following the conclusion of wave A on June 13th. There is still a possibility of further downside to fully complete wave (2) before the next bullish wave emerges.

As long as Copper holds above the lows from May 9 and especially April 6, the prevailing bullish trend is expected to remain valid. These support levels are critical in maintaining the current Elliott Wave structure and projecting further upward movement in Copper prices.

Technical Analyst: Sanmi Adeagbo

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