Copper-Elliot wave counts and market structureI have earlier posted a daily chart on Copper sharing my views on this commodity and stating that it is now in wave 3 structure and will be slowly advancing towards 4.67$ mark going into 2024. By referring to that chart you can get a better understanding of this chart since that talks about a bigger picture about what to expect from this commodity.
Coming to this chart, the metal made a leading diagonal(Elliot wave theory) between 17th Oct and 6th Nov. That is marked as wave (i). After an impulse gets completed it is always followed by a corrective wave which can retrace even upto 90%(but never 100 if the prior wave was impulsive).In this case the wave (ii) retraced 50% of wave(i) from 6Nov. till 13Nov.
A new impulse was again set in place on 13th of Nov.
The Elliot wave theory is a very accurate and the most logical way of looking at the market structure and getting an understanding of how the price moves. Once you start to look at the market from the Elliot wave perspective you will start believing that whatever happens in the market is never random.
The market always has a structure and logic, which many a times we as individuals may not spot(immediately) and that only means we need to up our game to try and understand this beautiful market place.
The purpose of this chart was not only to talk about copper and where it might be headed, but was also to give an insight to all about how i approach the charts and what are the points that i look for.
Note*- This chart is for educational purpose only
