3 Aug 2020 ● 06:33 AM
Copper prices closed down for the week and are in wave iv of 3. The pullback can be measured in a couple of different ways. If the decline as A-B-C then it can go to the lower end of a slightly falling channel near 2.825, which is just above the lower Bollinger band at 2.795. Another way to look at it is what you retracements and the 23.6% retracement is at 2.832. In short ideally prices should complete wave iv down in the 2.80 and 2.825 range. If the range breaks then the next retracement is at 2.73, however even in wave ii we did not fall outside the bands and therefore I would not expect that to happen.