Copper (
HG) has been displaying a strong bullish trend, with the rally from the July 11, 2022 low unfolding in a Elliott Wave diagonal. This rally is structured as a 5-swing pattern, which is characteristic of a motive wave. This suggests that the broader trend favors further upside. As of the latest price action, the metal has completed a significant corrective phase and is now positioned for additional gains.
The recent pullback to the 4.03 low on April 7, 2025, marked the completion of wave ((4)). It is a corrective wave within the larger 5-wave diagonal structure. Following this low, copper has turned higher, initiating wave ((5)). This wave ((5)) is the final leg of the motive sequence. Within wave ((5)), the short-term rally from the wave ((4)) low at 4.03 appears to be unfolding in an impulsive manner, indicating strong upward momentum. Wave 1 ended at 4.465 and pullback in wave 2 ended at 4.038. The metal then rallied higher in wave 3 towards 4.748 and wave 4 dips ended at 4.564.
Expect cycle from April 7, 2025 low to end soon with wave 5 of (1) and the metal to see a 3 waves pullback. However, as long as pullbacks remain above the 4.03 low, copper is expected to see more upside. The Elliott Wave framework continues to support a bullish bias forHG in the near term.
HG) has been displaying a strong bullish trend, with the rally from the July 11, 2022 low unfolding in a Elliott Wave diagonal. This rally is structured as a 5-swing pattern, which is characteristic of a motive wave. This suggests that the broader trend favors further upside. As of the latest price action, the metal has completed a significant corrective phase and is now positioned for additional gains.The recent pullback to the 4.03 low on April 7, 2025, marked the completion of wave ((4)). It is a corrective wave within the larger 5-wave diagonal structure. Following this low, copper has turned higher, initiating wave ((5)). This wave ((5)) is the final leg of the motive sequence. Within wave ((5)), the short-term rally from the wave ((4)) low at 4.03 appears to be unfolding in an impulsive manner, indicating strong upward momentum. Wave 1 ended at 4.465 and pullback in wave 2 ended at 4.038. The metal then rallied higher in wave 3 towards 4.748 and wave 4 dips ended at 4.564.
Expect cycle from April 7, 2025 low to end soon with wave 5 of (1) and the metal to see a 3 waves pullback. However, as long as pullbacks remain above the 4.03 low, copper is expected to see more upside. The Elliott Wave framework continues to support a bullish bias for
HG in the near term.
14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
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.
14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
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.