Copper impulsive rally signals more upside [Video]
|Copper ($HG) has been displaying a strong bullish trend, with the rally from the July 11, 2022 low unfolding in a Elliott Wave diagonal. This rally is structured as a 5-swing pattern, which is characteristic of a motive wave. This suggests that the broader trend favors further upside. As of the latest price action, the metal has completed a significant corrective phase and is now positioned for additional gains.
The recent pullback to the 4.03 low on April 7, 2025, marked the completion of wave ((4)). It is a corrective wave within the larger 5-wave diagonal structure. Following this low, copper has turned higher, initiating wave ((5)). This wave ((5)) is the final leg of the motive sequence. Within wave ((5)), the short-term rally from the wave ((4)) low at 4.03 appears to be unfolding in an impulsive manner, indicating strong upward momentum. Wave 1 ended at 4.465 and pullback in wave 2 ended at 4.038. The metal then rallied higher in wave 3 towards 4.748 and wave 4 dips ended at 4.564.
Expect cycle from April 7, 2025 low to end soon with wave 5 of (1) and the metal to see a 3 waves pullback. However, as long as pullbacks remain above the 4.03 low, copper is expected to see more upside. The Elliott Wave framework continues to support a bullish bias for $HG in the near term.
Copper 60 minute Elliott Wave chart
Copper Elliott Wave [Video]
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