The price of copper is now falling further and further after initially rising on Thursday. This development is in line with our primary scenario as we expect the low of the magenta wave (x) to be a bit lower in the turquoise target zone between $3.59 and $3.51. Only when it's placed, the price can rise above the resistance at $4.19 and build wave (B) in magenta. A drop to the green target zone between $3.08 and $2.59 should follow from this point.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.