SCCO favors corrective pullback & remain supported
Southern Copper Corporation (SCCO) engages in mining, exploration, smelting, refining & processing of Copper, Molybdenum, Zinc, Silver, Gold & Lead in Peru, Mexico, Argentina, Ecuador & Chile. The company is based in Phoenix, Arizona, US, comes under Basic Materials Sector & trades as “SCCO” ticker at NYSE.
As shown in previous article, SCCO extends higher & confirms higher high sequence above I high of $83.15. It appears ended ((1)) of III at $88.40 high & favors pullback in ((2)) in 3, 7 or 11 swings correction.
SCCO – Elliott Wave Weekly View From 8.07.2023:
It placed I at $83.15 high & II at $42.42 low as flat correction in weekly sequence. Above there, it reacts higher in (1) of ((1)) ended at $82.05 & (2) at $64.66 low as more than 0.382 Fibonacci retracement. Within (1), it placed 1 at $49.41 high, 2 at $45.17 low, 3 as extended move at $78.76 high, 4 at $66.47 low & finally 5 as (1) at $82.05 high. It ended (3) at $87.59 high, which broke above I high & (4) at $68.93 low as dip pullback.
SCCO – Elliott Wave Latest Weekly View:
It favored ended (5) at $88.40 high as (1) as diagonal as high came with momentum divergence. It appears in (A) of ((2)) pullback in which it can bounce in 2 red of (A). Later, it expect to turn lower in 3 of (A). It expects pullback in ((2)) in 3, 7 or 11 swings against II low before resumes higher in ((3)) of III. Short term new high can be still the part of ((1)) before correcting in ((2)). Alternatively, if it breaks above $88.40 high & erase the momentum divergence, then it can be the part of nest within III, which may extend higher.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
