In this technical article we’re going to take a quick look at the Elliott Wave charts of Copper Futures HG_F, published in members area of the website. As our members know, Copper is showing impulsive sequences in the cycle from the 3.9230 low. Consequently we are favoring the long positions at this stage. The commodity has recently given us a 3-waves pull back, when buyers appeared right at the equal legs zone. We are going to explain Elliott Wave forecast further in this article.
Copper H1 Asia Update 10.09.2024
The current view suggests that the Copper commodity is doing a 4 red pullback. Structure of the correction is still incomplete, suggesting more short term weakness. We expect to see another leg down toward equal legs : 4.3758-4.3069 ( buyers zone). Once extreme zone is reached , we expect potential buyers to appear in that area, which could lead to a further rally towards new high or a three-wave bounce at least.
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Copper H1 Asia Update 10.12.2024
The commodity made another wave down as we expected. The price has reached the extreme zone at 4.3758-4.3069 area. The commodity found buyers and made a rally from the Equal Legs-Buyers zone, completing pull back at the 4.3729 low. Copper can remain supported as far as the price stays above 4.3729 low.
Remember, the market is dynamic, and the presented view may have changed in the meantime. For the most recent charts and target levels, please refer to the membership area of the site. The best instruments to trade are those with incomplete bullish or bearish swing sequences. We put them in Sequence Report and best among them are presented in the Live Trading Room
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Source: https://elliottwave-forecast.com/elliottwave/copper-futures-hg_f-elliott-wave/