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.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at are those of the individual authors and do not necessarily represent the opinion of or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.