Copper followed the weird lines and still doing it. Is it looking for the 50-day moving average? It will if breaks the 100-day ma. At the moment a bit constrained.
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Copper was doing good during last two years as it rallied from sub-2 to above-3 levels.
But the structure is corrective so the wave C finished the correction being equal to wave A by size.
Then we saw a breakdown below the white support this March.
After that there was a healthy pullback, which was rather menacing as it almost broke the earlier top but failed just...
Classic Wyckoff setup. So good.
5-year downtrend led to a Selling Climax, which was followed by and Automatic Rally.
Accumulation period was 1 year.
Spring and Secondary Test followed to start the new rally.
Signs of Strength and LPS combo = rally
"A series of SOS’s and LPS’s is good
evidence that a bottom is in place and Price
Markup has begun."
The rally...
Appears to be the bottom of a minor correction, Vix Fix indicator highlighted for confirmation + ABC consolidation pattern.
Very bullish on copper due to high demand for batteries in the next decade, from electric cars (some countries are banning gas-powered cars) to solar panel systems.
Demand for copper to proliferate between now and 2035-2040.
-Monitoring
AMEX:NAK TSX:NDM FWB:ND3
NAK (Northern dynasty minerals) 100% ownership of the pebble project (pebble mine)
the following is just my opinion, you never know what happens :)
this month is probably the last chance to jump in.
- official EPA approval incoming, with pruitt its a done deal already! just formalities!| latest 14th Nov --> institutions jump...
CUUUSD: Copper, like gold, looks like it will get saved here by a technical back-flip, courtesy of the Dollar. It should rally to 2685 where it's probably going then to be a good short again.
