Copper Preparing For Next Leg Up
The below is the daily chart of copper. The base metal looks to be charting a bullish 1-2-3 pattern. 1-2 is the impulse move up and 2-3 is the correction down. We are now assessing if the next 1-2 impulse is due to commence. Tuesday’ candlestick is a reference candle (blue arrow) i.e. it has two higher lows on either side of it. If today’s candle closes above the reference candles high (black horizontal) than it will give weight to the “next 1-2 impulse” scenario.
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