Trading In The Copper TriangleIn this update we review the recent price action in Copper and identify a high probability trading pattern to take advantage of
Hg1
HG ( COPPER ) MAKING A TRIANGLEHG ( COPPER ) making a triangle on a Primary degree 4th. We are on a D wave of the triangle. Most probably we finish A wave of D wave as a preferred count (Projected by the black line) and we are coming down to making a B wave. On another side of the analysis as an alternative (projected by the red line)we are on an A wave and we are going upside a little bit and we finish the A wave then we will come for a B wave. Copper take more time to finish the triangle and after that, we can see a new high on an HG for primary degree 5th.
DISCLOSURE - Please be informed that the information I provide is not a trading recommendation or investment advice. All of my work is for educational purposes only. All labeling and wave count have been done by me manually and I will keep changing according to the LIVE MARKET PRICE ACTION. So don't bias, hope on my trade plans. Try to learn Elliott Wave or other strategies and make your own strategy. Following is not that much easy. I am not responsible for any losses if u took the trade according to my trade plans.
#HG #COPPER
HG1! - Copper and CornersSo, is this what means: A market is cornered? ;-)
OK...let's get serious...they observe us hehe...
The very old top acts as a perfect resistance.
Now, focus on the white pitchfork.
The market overshooted the U-MLH (upper line). This is a huge stretch. In fact, if the power where there, price had to go to the next extension of the Pitchfork. But so far it mised it (HAGOPIAN) and it's just dancing on the U-MLH.
What does this mean?
It means, that
a) the potential to take off is still in place
b) the market could tank very hard and reaching at least the white centerline. The extended version of a target is simply the grey centerline.
Anything else?
Jep, Santa is comming! §8-)
$copper going to absolutely fly. Massive backtestdeep ih&S was actualyl backtesting deeper shells ina. giant bullflag.
She's gong to fly.
Safest entry is here-ish ith a tight stop-leooss adn exit before the turn up high.
COPPER Buy signalPattern: Channel Up on 1D.
Signal: Buy as the price is rebounding on the Higher Lows (bottom) trend-line of the Channel Up while the MACD just formed a Bullish Cross.
Target: 4.980 (the 1.236 Fibonacci extension).
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2 Facets of ESG: Speculation and FundamentalsIt's informative to see the positioning of Commercials (producers and consumers in the Commitment of Traders Report) and how that relates to price action. Commercials are considered the "smart money" in the commodity markets because they supposedly are better able to judge future price direction based on supply and demand conditions "on the ground". These 2 charts show very different positioning by commercials in Copper and Crude Oil futures as price rallied during the reopening. Commercials in the Copper Futures markets increased their net short position whist in the Crude Oil markets they reduced shorts/became more net long. This potentially indicates the commercials have a more bullish view on oil than on copper based on the fundamental supply and demand conditions in the the industry.
Copper to resume trend higher? resting on 50dmaNice retest of the breakout area. Consolidating and holding above the 50dma for the 3rd successive day. RSI still strong and with the 50dma > 200dma, i expect the positive trend to continue higher shortly..
Copper could go to $8, $20 evenPushing the price up:
- High demand for EVS, renewable energy production, the Green New Deal, means copper production is below demand and expected to be in shortage for years
- Stimulus spending and inflation of industrial goods
- Producers cannot increase supply fast enough, examples: Freeport CEO "It will take 7-8 years to get new production to the market", "Oyu Tolgoi (Mongolian super mine) is set to bring a further 480,000 tonnes of copper into the market from 2028"
www.mining.com
www.proactiveinvestors.co.uk
Stopping (or slowing) the price from going up:
- Traders taking profit (short term)
- An end to all the renewable projects
- A total collapse of civilization?
This is what happened with the previous price explosion in the 2000s
As the price consolidates around ATH we might want to bet on the price going up up up in usd terms
I'd just go for the DEC 2022 contract, or a DEC 2022 call:
There is a discount on that contract too (backwardation).
At a price of $4 1 contract = $100,000. A 10% stop is a risk of $10,000.
So maybe we'll just take short term trades on the way up. Unless we all become millionaires in a few months with Cryptos?
There is an e-mini for copper but no one trades that, I don't even know if I have access to this and where/what broker? Plus I don't see DEC 22 :(
www.cmegroup.com
Copper ready to go down in 2022As we can see copper is in the oversold zone. It can be expected correction 30% or more in 2022.
HG1! 1M Comes Copper Futures test
What is HG copper?
Our Copper Futures contract (HG) offers the ability to deliver or take delivery of Grade 1 electrolytic copper cathode in a timely, transparent and efficient fashion at CME Group approved and regulated facilities located throughout the United States.
Copper - Just the BeginningCopper futures broke out of their wedge this week, with per tonne prices breaking the $10,000 milestone. Names such as Freeport-McMoran (FCX) are benefitting from this, while TRQ is on discount due to. setback in their mining process. Despite Fed tapering, copper is strong, surprisingly. I believe that now is the time to get in "The New Oil", as stated by Goldman Sachs, who gives the commodity a 50% upside before 2025. If copper moving 10% has resulted in Freeport going from $30 to $39, think of what will happen if Goldman and the rest of the Street is right...
Thesis:
Goldman Sachs recently published a note declaring copper "the new oil," and forecasting it could reach $15,000 (50% inc.) by 2025 as the world transitions to clean energy.
As the movement to sustainability/clean energy progresses, the exponential increase in demand for copper will outrun supply due to slow mine creation, centralized property rights.
Although it may take a few years and experience some drawdown, depleted inventories and a demand spike will likely cause the price to rise significantly over the next decade, with Bank of America suggesting a possible 100% increase to $20,000 per metric ton by 2025.
Overall sentiment on the Street is extremely bullish in the mid-to-long-term.
Copper Prices Take Aim for May 2021 High Post Triangle BreakoutCopper futures are aiming for the May high at 812.60 after prices confirmed a breakout above a Descending Triangle chart formation.
The 200-day Simple Moving Average helped maintain the dominant uptrend as the red metal continues to consolidate since earlier this year.
A drop back under the July high at 768.50 could undermine upside progress, reorienting copper back towards the SMA.
Clearing the May high exposes the 78.6% Fibonacci extension at 851.8636 towards the 100% level at 900.60.
COMEX:HG1!
𝘾𝙤𝙥𝙥𝙚𝙧 𝙁𝙪𝙩𝙪𝙧𝙚𝙨 (𝙃𝙂1!) — 𝙀𝙒𝘼HG1!: 🕐 6h
A big review of this asset is planned for the first half of next year, but decided to make a small update to the count, as the current sideways formation looks very much like a bullish contracting triangle that is about to be completed. On completion of the final wave E of (B) , there will be a good trading setup for a long position.
The wave marking in the double circle parenthesis corresponds to the green marking in the circle on the chart.
Cuivre-Chili SpreadWhen will chile market the catch up? After the elections?
Political discount is probably too high
COPPER (XCU/USD) – Week 41 – Will the resistance hold?In our last week’s analysis, we correctly anticipated the pair to consolidate and head towards the first resistance area.
In the coming days, we foresee the pair gaining more bullish momentum and make an attempt and break the resistance.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
✅COPPER BULLISH PENNAT|LONG🚀
✅COPPER has retested an important price level
And is now consolidating below it
In a bullish pennant pattern
I am bullish on the metal
As the transition to the "Green" economy
With EV's and Wind Turbines will require massive
Amounts of this commodity, so I am waiting for a breakout
And then will be expecting a bullish wave
With the first target being the recent high
But I am sure the price will go much higher still
LONG🚀
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When markets give you clues...will you see the clue?9.26.21 When markets give you clues...will you see the clue? Dogecoin; Copper Part 1 Part 2 will show a chart of someone who must be following me; there are some things I believe he might be overlooking.
COPPER (XCU/USD) – Week 39 – Waiting for a trendline breakout.In our last week’s analysis, we anticipated the pair to finish the correction and make an attempt to break the resistance level. Instead, the price pulled back deeper than expected and reverted.
In the coming days, we foresee the pair consolidating above the orange trendline and head towards the resistance area.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
COPPER (XCU/USD) – Week 38 – Targeting the resistance.In our last week’s analysis, we anticipated the pair to make small higher-highs and reach the resistance area. Instead, the price pulled back deeper.
In the coming days, we foresee the pair to finish this correction and make an attempt to break the resistance level.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
COPX - Evergrande Fall-OutBearish sentiment building for copper and other metals/commodities from Evergrande debacle in China and copper prices were down sharply this past week.
COPX weekly chart closed outside the longer-term (march 2020) regression channel for the 2nd time in the last few weeks also printing a bearish engulfing candle indicating potential for more near-term down.
Initial downside target bottom of the current regression channel at the 1.618 fib.
COPX is currently setting atop the mid-line of the nearer-term regression channel and has volume support in this area and may briefly bounce.
Not financial advice.
Copper prices eye key support to resume downtrendCopper prices are recoiling from confluent resistance at 4.4620. This is marked by the underside of two recently-broken uptrend supports, the upper bound of a seven-month price congestion zone, and a downward-sloping trendline emanating from the May 10 high. A daily close under swing-low support at 4.2060 may act to confirm downtrend resumption, initially setting the stage for a test below the 4.00 figure.
COPPER best time to buy now. 2 year rally ahead.This is COPPER on the 1W time-frame. I've made this idea to show to long-term investors why the metal is currently on the most optimal buy levels ahead of a two-year rally.
As you see, the price has been rising since the August pull-back. Not only is it posting a recovery but the August low happened almost on the 1W MA50 (blue trend-line), which has been the markets major Support since the June 2020 bullish break-out.
The pattern bears strong resemblance with the 2004 fractal. As you see both Cycles made a Double Bottom, which initiated the rally, a 1W Golden Cross was formed along the way and when the price hit the Resistance of the previous Cycle High, it made the first substantial correction/ pull-back. In both cases, the 1W MA50 held and then a 1 year Channel Up followed supported by the 1W MA50, which eventually paved the way for the final parabolic rally. The RSI sequences are also quite similar.
It is obvious the Copper is replicating the previous Bull Cycle and since the 1W MA50 held so emphatically, it is most likely the most optimal level to buy on the long-term.
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$COPPER Looking for Rally$COPPER has produced an inverse head and shoulders pattern and looks to have tested the neckline. If this pattern plays out, it should see about an 7% rally.
