19 Mar 2021 ● 05:52 AM
All the rallies in copper prices have been impulsive, and each subsequent one was smaller than the previous one, due to which I was marking it as a series of 1-2-1-2-1-2. This would mean that the trend simply continues with small corrections. However, if we consider that 5<3<1 then we can also mark the move as 5 waves are complete. Further confirmation of this will only happen when we break below 3.84 which is also the low that we made on 4 March and the trendline for the entire advance from last year. Requires patience to see what comes next for copper. On the flipside the 5 wave move up means that the longer-term trend is bullish and all we need is an A-B-C correction.