ridethepig | Copper Starting To Form a Floor?
Updated
Here we are witnessing Copper breaking out on the daily TF... this technical break is exposing the initial resistance at 2.700x followed then by the 2.75xx trend-line.
From a strictly waves perspective we were tracking the 'C' leg in the ABC sequence:
This is starting to look like a bottoming process, although the ultimate breakout is still yet to come it is relatively close by. The short-term is bullish and implies that it is only a matter of time before we test the big breakout levels...
I will dig deeper into the futures side in the next chart, retail have loaded the boat on the sell side and it is beginning to look very crowded. Expecting these soft hands to get squeezed and eventually capitulate with a breakout campaign.
From a strictly waves perspective we were tracking the 'C' leg in the ABC sequence:
This is starting to look like a bottoming process, although the ultimate breakout is still yet to come it is relatively close by. The short-term is bullish and implies that it is only a matter of time before we test the big breakout levels...
I will dig deeper into the futures side in the next chart, retail have loaded the boat on the sell side and it is beginning to look very crowded. Expecting these soft hands to get squeezed and eventually capitulate with a breakout campaign.
Note
Eyes on the break here with Fed..
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