Copper Elliott Wave technical analysis [Video]
|Copper Elliott Wave analysis
The sell-off on Copper from the late September high is set to continue lower toward the September lows. However, the phase is corrective. Thus, the larger bullish cycle from August 2024 and October 2023 should continue afterward toward the highs of the year 2024.
From the long-term perspective, the commodity is clearly within the bullish cycle that started in March 2020. In addition, Copper's long term from the March 2020 low is structurally evolving in a diagonal structure. Meanwhile, this diagonal structure is expected to complete the much larger bullish cycle that started pre-2000.
The daily chart analysis
On the daily chart, the evolving diagonal from March 2020 has probably completed wave IV and is now correcting the wave ((A)) of V. This means, the price is down in wave ((B)) of V. Provided the August 2024 low of wave IV is unbreached and wave ((B)) completes a corrective structure, the idea in the long-term still supports the upside.
The four-hour 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)).
Copper Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.