Copper Preparing For Next Leg Up

Russell Shor, CFTe, MFTA FXCM

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.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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