14 Jul 2020 ● 12:00 PM
The metal index has formed a triangle between June and July is visible on this hourly chart. We are now in the lower end of the triangle and triangles are typically 4th wave structures. The lower line should hold and drive 1/5 wave rally up from your unless market pressure pushes it for a throw under in which case we may get a test of the wave C low. In short holding the 7420 support the metal and it should start a move up that should breakout above the top end of the triangle near 7770 and attempt to head towards the 10,000 Mark. The slightly upward slanting triangle may also be called a running triangle.