Copper Wave Analysis – 18 October, 2021

• Copper reversed from resistance area

• Likely to fall to support level 460,00

Copper recently reversed down from the resistance area lying between the multi-month resistance level 480,00 (which stopped the sharp uptrend in May) and the upper daily Bollinger Band,

The downward reversal from this resistance area stopped the previous impulse waves 3 and (3).

Given the strength of the aforementioned resistance area and the overbought daily Stochastic, Copper can be expected to fall further toward the next support level 460,00 (former key resistance from July).