In this blog, we will take a look at how HG_F (Copper) rally from June low failed in a blue box and resulted in new lows. We will also look at the sequence from December 2017 peak and talk about the next Trading opportunity and targets for the sequence from December 2017 peak.
Copper rally from 6.7.2019 low unfolded as a Zigzag Elliott wave structure and reached the blue box where it was expected to end. Chart above shows, price reached the blue box and showed the initial reaction lower due to which we called wave ((2)) bounce completed and called for the decline to resume to new lows below 6.7.2019 lows.
HG_F (Copper) 8th August 4 Hour Elliott Wave Update
Chart above shows, Copper resumed the decline and went to break below 6.7.2019 low and now has an incomplete sequence down from 12.28.2017 peak and also down from 4.17.2019 peak. This is represented by a Bearish Sequence stamp on the chart and the red Right Side tag at 2.804 indicates that sequence is bearish against the said level. Decline from 2.804 peak could be counted as 5 waves impulse which has been labelled as wave 1 and we are now looking for a bounce in wave 2 before the decline resumes. Wave 2 corrective bounce should unfold in the sequence of 3, 7 or 11 swings and fail below 2.804 peak for extension lower. We don’t like buying the metal in proposed wave 2 bounce and expect the bounce to be sold for the next leg lower.
HG_F (Copper) Downside Targets
As bounces continue to fail below 2.804 peak, we expect more downside and it should ideally extend lower towards 2.219 – 2.0366 area and any rallies are viewed as a selling opportunity.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.