Copper: Forecasting the Path & Buying the Dips
|Hello Fellow Traders. Another instruments we have traded lately is Copper. As our members know, Copper has been trading within the bullish cycle from the January 2016 low. We were keep saying members to avoid selling it and keep buying the dips at extremes when get chance. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Copper published in members area of the website. Now let’s explain the forecast and trading strategy.
Copper 4 Hour Elliott Wave Analysis 3.26.2018
Copper is doing pull back against the 2.0072 low. It has reached extreme area from the December 2017 peak at 2.9803-29107 ( buying zone). The instrument should ideally find buyers at mentioned area for further rally or 3 wave bounce at least. The pull back is unfolding as Elliott Wave Double Three Pattern which already have minimum requirements to complete. Our strategy is buying the dips in 7 swings at 2.9803-29107 area when invalidation level comes at 2.7970. So, if price breaks below that level, we close the long trades with loss. However, due to previous bullish trend, we expect 3 wave bounce to happen at least which will allow us to make long positions risk free as soon as we get decent bounce.
Copper 1 Hour Elliott Wave Analysis 4.4.2018
We got nice reaction from the buying zone. Now as far as the price stays above 2.9373, we’re calling pull back completed at that low. Current short term pull back has been deep. It has reached almost 76.4 % Fibonacci retracement against the low. It can be done at 2.9694 low (as far as the price stays above that low) and we expect further rally to resume.
Copper 1 Hour Elliott Wave Analysis 4.11.2018
The instrument has made further separation from the lows and all long positions are now risk free. At this stage we’re at the extreme area from the 2.9378 low and pull back is expected to take place soon. Note: some labels have been removed from the charts in order to protect clients’ privileges.
Keep in mind the market is very dynamic and short term view could have changed or not be valid any more when you look at this chart. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
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.