Update on Copper - Breakdown ContinuesI already took a profit on my last position. I am adding to my position here. Dear old China should take us to our target.
Copper Futures HG1!
short on open to bottom of the channelAs many will be well aware copper has confirmed a break of the descending triangle. A clear channel has also been playing out with the bottom of the channel still some 8% away.
HG Copper futuresCopper looks like dis-inflation (dare I say "deflation") is a real possibility. Global growth is often reflected in this industrial metal used in electronics to building construction. Multiple consolidation price patterns are forming and massive distribution has obviously taken place. This all happening while crude oil has fallen out of bed, global equities have lagged greatly behind the USA (save India). Target is $2.30 - 2.35 zone depending on velocity. For equity traders/investors, the question is how long can USA equities stay elevated before these global forces catch up.
