Copper Wave Analysis – 22 August, 2019

• Copper reversed from resistance area
• Further losses are likely

Copper recently reversed down from the resistance area lying between the resistance level 262.50 (former support from July) and the 38.2% Fibonacci correction of the previous downward impulse 1 from last month.

The downward reversal from this resistance area started the active short-term impulse wave 3.

Copper is expected to fall further and retest the next powerful support level 253.00 (low of the previous impulse wave 1).