4 Jun 2021 ● 04:26 AM
Copper fell back to the lower band and 40dema support zone, and that means the recent rally ended in 3 waves which I will now consider as wave b of 4. Wave 4 then is not a zig-zag anymore but a flat [3-3-5]. Now there can be two outcomes. First, we have bottomed here with a double bottom at 4.4 and that is it. Wave 5 up starts right away. If 4.4 breaks then maybe we test the lower channel line at 4.36 before going higher. Ideally, 4.4 holds and wave 5 toward the top end of the channel near 5.4 starts.