Copper Futures (HG_F) Elliott Wave: Forecasting the path ahead

In this technical article, we’ll look at the Copper Futures (HG_F) Elliott Wave charts published in our members’ area. As our members know, the commodity is trading within the cycle from the 6.9275 peak. In the following sections, we’ll break down the Elliott Wave structure and explain how we forecasted the path ahead. We will also review the important technical areas.

HG_F Elliott Wave four-hour chart 10.22.2026

Copper has delivered the expected decline within the cycle from the 6.9275 peak, as explained in our previous article. The commodity has formed a clear seven-swing pattern within this cycle and approached the extreme zone at 6.367 (Equal Legs) . As usual, we use the Fibonacci Extension tool, measuring W relative to X, to identify the Buying Zone. We expect buyers to step in around the mentioned Equal Legs area, where the commodity should produce at least a  three-wave bounce before next leg down takes place. As approximate target area for the (x) bounce we use 50-61.8 fibs retracement zone against the 6.9275 peak.

HG_F Elliott Wave four-hour chart 11.03.2026

Copper found buyers right at the Equal Legs zone of 6.3673, as expected. The commodity produced a decent bounce, reaching the 50%–61.8% Fibonacci retracement zone against the previous high of 6.9323, between 6.650 and 6.716. The recovery completed in that area, followed by another sharp decline toward new lows.

Currently, the commodity shows incomplete sequences from the 6.9323 peak, suggesting that further downside could unfold in the coming period. In the meantime, a three-wave bounce from the 6.3860–6.2925 area remains possible.