Elliott Wave view: Five swing sequence in Copper favors higher [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave in Copper shows 5 swing sequence from 11.14.2024 low, favoring more upside. Up from 11.14.2024 low, wave 1 ended at 4.335 and pullback in wave 2 ended at 4.005. The metal has resumed higher in wave 3. Up from wave 2, wave ((i)) ended at 4.47 and pullback in wave ((ii)) ended at 4.1835. Internal subdivision of wave ((ii)) unfolded as a double three Elliott Wave structure. Down from wave ((i)), wave (w) ended at 4.235, wave (x) ended at 4.389, and wave (y) lower ended at 4.184 which completed wave ((ii)) in higher degree.

The metal has resumed higher in wave ((iii)). Up from wave ((ii)), wave i ended at 4.3535 and pullback in wave ii ended at 4.3065. Wave iii higher ended at 4.5095 and pullback in wave iv ended at 4.411. Wave v higher ended at 4.715 which completed wave (i) in higher degree. Pullback in wave (ii) ended at 4.541. Pair has resumed higher in wave (iii). Near term, as far as pivot at 4.1845 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.

Copper (HG) 60 minutes Elliott Wave chart

Copper (HG) [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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