Copper Elliott Wave technical analysis [Video]
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Copper Elliott Wave analysis
Copper closed the last week higher and is expected to still emerge higher to continue the recovery from January 2025. In the long term, the commodity is evolving as a diagonal structure from March 2020 after breaching out of a 12-year range.
In the long term, copper prices will emerge as a diagonal structure from the lows of March 2020. In the daily chart attached, the wave IV of the diagonal structure ended in January 2025, when the current resurgence for wave V of (I) started. From that low, the price appears to be in wave (C) of ((W)) of V or already in ((Y)) of V of (I). In either case, the upside should be persistent in the short term until the price reaches the prices around the wave I-III connecting trendline, which could provide resistance. Thus, while the bullish cycle from March 2022 is close to ending, short term buyers can still be presented with trading opportunities from the dips.
On the H4 chart, we’re still counting wave (C) of ((W)) which should reach the 5,000 psychological level in the minimum before the wave ((X)) pullback follows for fresh opportunities for buyers. While the February 2025 low holds, buyers should remain dominant from pullbacks to push prices much higher.
Technical analyst: Sanmi Adeagbo.
Copper Elliott Wave analysis [Video]
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