Copper’s Elliott wave price structure suggests a completed contracting symmetrical triangle (ABCDE) correction, followed by the start of a five-wave impulse. The chart shows:
Primary Degree Count: The rally from the $4.00 low (Wave E) marks the start of a five-wave impulse pattern.
Intermediate Degree Count:
The Relative Strength Index (RSI) shows overbought conditions, suggesting a short-term correction before the next rally.
COPPER'S ALTERNATE COUNT
There is an alternate count we are keeping an eye on (labeled in red).
The alternate count would suggest that the February 14 high was wave ((iii)) and a sideways grind is unfolding in wave ((iv)). This sideways grind would need to hold above $4.46 to remain valid.
The alternate count would imply a more mature advance with less upside potential.
BOTTOM LINE
Copper’s Elliott Wave count suggests an impulsive rally targeting $5.00+. A corrective pullback toward $4.42-4.54 offers potential buying opportunities. Bulls remain in control unless price drops below $4.18.
Primary Degree Count: The rally from the $4.00 low (Wave E) marks the start of a five-wave impulse pattern.
Intermediate Degree Count:
- Wave (i) of ((iii)) topped at $4.8346.
- Wave (ii) of ((iii)) is in progress, likely finding support above $4.42-4.54.
- Wave (iii) of ((iii)) is expected to extend toward the 1.618 Fibonacci extension level (~$5.00).
- Wave (v) of ((iii)) could reach the 2.618 Fibonacci extension (~$5.59).
The Relative Strength Index (RSI) shows overbought conditions, suggesting a short-term correction before the next rally.
COPPER'S ALTERNATE COUNT
There is an alternate count we are keeping an eye on (labeled in red).
The alternate count would suggest that the February 14 high was wave ((iii)) and a sideways grind is unfolding in wave ((iv)). This sideways grind would need to hold above $4.46 to remain valid.
The alternate count would imply a more mature advance with less upside potential.
BOTTOM LINE
Copper’s Elliott Wave count suggests an impulsive rally targeting $5.00+. A corrective pullback toward $4.42-4.54 offers potential buying opportunities. Bulls remain in control unless price drops below $4.18.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.