2 Oct 2020 ● 07:14 AM
Copper - counter-attack, and I was wrong yesterday. But last week I did once consider that wave 5 could have ended and that takes precedence. This chart shows the 5th wave as an ending pattern and so far c=a on this chart is already achieved in a day, and 23.6% retracement is done. Now we have to wait and see if wave c extends or not. The wave 34 low near 2.76 is an open case.
Remember, ever since the dollar started to bounce it caused stocks and precious metals to sell-off. In between oil had a knee jerk reaction, and with a lag now copper. But metal stocks in India have had 50% retracement in the metal index and metal prices are only falling now. So there can be a divergence between various assets. But eventually, they are all correcting and will restart the larger degree move higher despite the near term divergences.
Coppers entire 5 waves up is a larger wave 1, now the only question is where does wave 2 end? and can it end this soon? The 20-week average is at 2.80 below which prices extend for a deeper retracement and above it, we continue higher into wave 3.