Copper Wave Analysis – 29 January, 2020

• Copper falling inside impulse waves 3 and (3)
• Likely to fall to 252.00

Copper has been falling sharply in the last few trading sessions – in line with our earlier forecast for this instrument – breaking the daily up channel from October and the support levels 270.00 and 262.00 (which reversed the price multiple times in November).

The breakout of these support levels accelerated the active short-term impulse waves 3 and (3).

Copper is likely to fall further toward the next support level 252.00 (target price for the completion of the active impulse wave 3).