Market Snapshots

Copper falling inside medium-term impulse wave (3)

  • Copper falling inside medium-term impulse wave (3)
  • Further losses are likely

Copper continues to fall inside the medium-term impulse wave (3), which started earlier from the resistance area lying between the key resistance level 285.00 (which has been reversing the price from July), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from June.

The active impulse wave (3) belongs to the long-term downward impulse sequence ③ from December.

Copper is expected to fall further and re-test the next strong support level 271.00 (which stopped the previous impulse wave (1)).

 

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