8 Feb 2021 ● 06:48 AM
Copper prices recovered back above the 20-day moving average at $ 3.601, and staying above it for another day should push the daily momentum indicator back into buy mode. Both of these observations support the idea of wave 3 higher, which we have discussed a while back. Prices have remained above the wave to a low of 3.52 despite the short-term jump in the dollar. Wave 3 should attempt to go past the wave 1 high of 3.7835, and then resume its larger move towards the top end of the rising channel up to 4.6 where wave 3 and 1 would be equal to each other. Note this is wave 3 of 3 from the bottom made in March 2020.