Copper Wave Analysis – 17 March, 2020

• Copper broke long-term support level 245.00
• Likely to fall to 220.00

Copper recently broke below the long-term support level 245.00 (which has been steadily reversing the price form the end of 2016).

The breakout of the support level 245.00 coincided with the breakout of the 61.8% Fibonacci correction of the previous uptrend from the start of 2016.

Copper is likely to fall further toward the next support level 220.00 (forecast price for the completion of the active short-term impulse wave 3).