Hello traders and investors. Today I want to show you my market forecast for a very important commodity – Copper. Naturally, this commodity is closely linked to the economic cycle and trade, and for this reason, it is usually correlated with the stock market as a whole. First of all, I will start with the monthly trading chart. I consider the rise from the middle of the last century until today as a still unfinished impulse of the Grand Cycle.
At the moment, according to my wave counting, we are developing the fifth last wave of this impulse.
On the daily trend chart, I am considering the rise from March 2020 until May 2021 as a completed impulse for wave 3 and now a correction for wave 4 is being developed. This correction is most likely a symmetrical triangle, which offers a very good opportunity to plan a trading strategy with a high risk/return ratio. According to this analysis, the last E wave of the triangle is most likely to develop now, the potential target for the end of this wave is the area around 427-430. The critical point for the whole analysis is the bottom of wave C.- 411
Elliott waves signal for Gold update
The alternative analysis (with blue in the graph) allows the momentum from March 2020 to May 2021 to be wave (1) of (V). According to this scenario, the symmetrical triangle will be considered as wave B or X, followed by a serious failure. The scenario can be considered possible only after the break of wave C from the symmetric triangle.
Elliott waves forex trading idea for EUR/USD GBP/USD and AUD/USD
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