Hello traders and investors. I am Radi Valov, a professional trader and today I would like to make a quick update to my analysis for copper. The moment for this commodity is especially interesting because according to my analysis, the movement here is just beginning. (see my previous analysis for copper)
Copper-Daily Chart
After today’s closing, it can be safely assumed that the symmetrical triangle I am considering for wave (4) is complete. This means that we are starting a new ascending phase for wave (5). A potential conservative target for this wave is around 550-580, but it should be borne in mind that very often the last fifth wave in commodities becomes the longest in impulse movement and ends with parabolic acceleration, which means a much larger target. A critical point for the bullish scenario at the moment is the bottom of wave E – 444. A break at this level would mean that the alternative scenario with blue on the graph is valid.
Copper-1 Hour Chart
After the bottom, which I consider for the end of wave E, a very clear impulse movement develops and I allowed myself to go down to a one-hour trading chart for all who are looking for a precise input with a very high risk/return ratio.
I expect in the coming days to see a correction of this rise marked as wave 1 on the chart. It is possible that the price will return to the area around 460-466, which would be an ideal level of support for the development of upward acceleration for wave 3.
Elliot Waves trading idea for Gold, Silver and Gdx
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