Copper Wave Analysis – 24 March, 2020

• Copper reversed from key support level 193.40
• Likely to rise to 230.00

Copper recently reversed up sharply from the long-term support level 193.40 (yearly low from 2016, standing far outside of the lower weekly Bollinger Band).

The upward reversal from the support level 193.40 started the active short-term correction 4 (which belongs to the downward impulse sequence (3) from the start of 2020).

Given the strength of the support level 193.40 – EURGBP is likely rise further toward the next resistance level 230.00 (target price for the completion of the active correction 4)