SCCO should rally in bullish sequence and remain supported
|Southern Copper Corporation (SCCO) engages in mining, exploration, smelting, refining & processing of Copper, Molybdenum, Zinc, Silver, Gold & Lead in Peru, Mexico, Argentina, Ecuador & Chile. The company is based in Phoenix, Arizona, US, comes under Basic Materials Sector & trades as “SCCO” ticker at NYSE.
As shown in previous article, SCCO expected to extend higher, while dips remain above $42.42 low of II. It broke to new high & erase the momentum divergence, confirming the upside to be (3) of ((3)) as the nest structure.
SCCO – Elliott Wave latest weekly view
It placed I at $83.15 high & II at $42.42 low as flat correction in weekly sequence ended in September-2022. Above there, it ended ((1)) of III at $82.05 high. Within ((1)), it placed (1) at $49.41 high, (2) at $45.17 low, (3) at $78.76 high, (4) at $66.47 low & (5) at $82.05 high ((1)). It corrected in ((2)) as 0.382 Fibonacci retracement of ((1)) at $64.66 low.
SCCO – Elliott Wave weekly view from 8.07.2023
It placed (2) of ((3)) at $68.93 low & favors upside in (3) of ((3)) of III as it broke to new high in weekly. It expects ((3)) to extend towards $104.39 – $128.93 area as next possible extension. Currently, it favors upside in 3 of (3), while placed 2 at $77.14 low. We like to buy the pullback in 3, 7 or 11 swings at extreme areas to resume rally.
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