15 Jun 2021 ● 11:01 AM
Many of the second waves in Copper were shallow corrections, so now that wave 4 has broken the channel and the lower end of the triangle, at first sight, I step back from the short-term bullish view but it does not change the wave count at a larger degree. The fall will still be wave 4 and we have seen such one-day panic relations in copper before as well in the late stages of a correction.
Taking one step out we can see the shallow corrections in copper on this chart. However the 2nd wave last year did find support on the 20-week average so let us now watch that as the next important support near 4.25 for a rebound. tHE Momentum indicator has also been whipsawing many times in a range for the entire move.