Copper Wave Analysis – 25 April, 2019

• Copper broke support area
• Further losses are likely

Copper continues to fall after the recent breakout of the support area lying between the support level 290.00, support trendline from January and the 61.8% Fibonacci correction of the previous upward impulse from March.

The breakout of this support area accelerated the active short-term ABC correction 2 from the strong resistance level 297.00.

Copper is expected to fall further and re-test the next support level 285.00 (target price for the completion of the active wave 2).