Copper is currently consolidating inside wave B of a corrective wave, which follows the bearish impulse which began in 2011. We expect copper to resume its bullish movement and complete wave C of this cycle over the new few months. The previous bounce off the .786 retracement prints a likely low in the market, and the correction since that time has proceeded exactly as we would expect if this is a low.
There exists support in a demand zone at the .618 retracement line, upon which the market is currently skipping and rejecting bearish movement.
There exists support in a demand zone at the .618 retracement line, upon which the market is currently skipping and rejecting bearish movement.