25 May 2021 ● 06:37 AM
Copper prices closed positive yesterday after coming very close to the 40-day average and the daily momentum indicator fell below the zero line completing a full cycle. There is a good chance that 4.44 is a bottom and an upper trend can develop. However, prices sometimes continue to consolidate before going higher, and because this the 4th wave I cannot rule out that it will eventually develop into a triangle before the next move to higher highs. So initially we should only be looking for a retracement of the 3 wave decline possibly up to 4.71, which is 61.8% of the fall, and keep an eye on the development structure.