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Copper Futures HG1!

Copper. Multi-year correction is over. Target 1.94Copper was doing good during last two years as it rallied from sub-2 to above-3 levels. But the structure is corrective so the wave C finished the correction being equal to wave A by size. Then we saw a breakdown below the white support this March. After that there was a healthy pullback, which was rather menacing as it almost broke the earlier top but failed just one cent ahead keeping the whole structure intact. So the support at the 2.94 level is crucial as it already rejected the drop once before. Watch it to be broken before further meltdown could occur in the copper market. The minimum target is at the previous major low at the 1.94. What is sad about it - copper means economy, weak copper means weak economy...again?
FX:COPPERShort
by aibek
2
Copper Elliott Wave View: Next Extension Higher May Have StartedHello Traders, In this analysis, we will have a look at the metal Copper in the 1 hour chart. Short-term Elliott Wave view suggests that the pullback to 3.0101 on 5/30/2018 ended blue wave (2). The internals of blue wave (2) unfolded as an Elliott Wave double three structure where red wave W ended at 3.0195 and red wave X ended at 3.1485 high and the decline to 3.0101 low in wave Y of (2). Above from there, the metal has started the next extension higher in blue wave (3). The rally looks to unfolding as an Elliott Wave impulse structure with extension in red wave 3 higher. Up from 3.0101 low, the rally to 3.093 high ended in red wave 1. Afterwards, the pullback to 3.046 low ended in red wave 2 and red wave 3 ended at the peak of 3.3165. Red wave 4 pullback can already ended at 3.2585 low and can now extend higher in red wave 5. As long as Copper stays below red wave 3 peak, a double correction lower in wave 4 can't be ruled out before the metal extends higher again in red wave 5 to complete the 5 waves impulse structure from 3.0101 low within blue wave (3) higher. We don’t like selling the metal and like to stay on the sidelines for now. However, the right side remains to the upside.
COMEX:HG1!Long
by Elliottwave-Forecast
MOD potential breakoutMOD a Kalahari Copper Belt explorer are actively defining a large copper resource. Current bull case based on the small portion of the tenements explored to date is for a USD2.3b copper resource (coincidentally there are 2.3b shares on issue therefore $1 of resource per share), as they continue to drill out the targets this resource is expected to grow. AISC for the LOM are projected to be around $1.46/lb against a current copper price of over $3 with IRR at 38-39% based on a 9-12 year LOM. With a solid exploration program ongoing both the LOM and resource size are expected to grow substantially. Initial technical target is 6.0cps representing a 25% upside move from current share price, secondary target is the old high at 9.0cps representing an 87% increase in SP With the ongoing drilling across several fronts, T3 underground expected to be booked as resource around July/August and the T3 pit DFS delivered in the second half of the calendar year significant catalysts are in place.
MLong
by Michaeljob
Expecting Copper to Sell offCopper has had a great bull run and is still bullish at this moment. However, we have a lot of resistance at the $3.30 level, inside of a channel, lots of divergence and we are closing the week as a bearish engulfing pattern. Also, based on elliott wave we should see a sell off as we have completed 5 waves. Also, there is a lot of supply of copper, which should drag on prices. I'm also expecting a dollar rebound here soon. I don't think we will see a break above $3.31 anytime soon and I am expecting for prices to hit $2.90 to $2.50 before rebounding. Whether we hold the channel support or not will also be a big indicator of where we go. I have my best guess drawn on the chart for now.
FX:COPPERShort
by adriel.arrasmith