Copper Wave Analysis – 02 Janaury, 2019
January 02, 2019 @ 13:27 UTC
- Copper reversed from key resistance level 265.00
- Further losses are likely
Copper recently reversed down from the key resistance level 265.00 (former lower boundary of the sideways price channel inside which the price has been moving from September, as can be seen below).
The downward reversal from the resistance level 265.00 continues the active short-term impulse wave C – which belongs to the medium-term ABC correction (2) from September.
Copper is expected to fall further and re-test the next key support level 260.00 (target price calculated for the termination of the active ABC correction (2)).