The exchange rate moves in a double falling wave system. The ATR data shows that the decline will slow down. Therefore, the first half of the double wave structure may be a whole wave, after the correction the second part is expected to be half a wave. The target for this reduction is 2.4093
Prediction from my last post for Copper went wonderfully. Feeling a retest of the 2.810 level from the left "shoulder" for a nice RRR. Closure above good bi daily level. Will be trading within these bi daily and weekly + monthly levels.
Feeling a short opportunity for XCU this week. Currently we have ended last week below the ascending trendline and broke out of consolidative wedge forcing us to go below. I will stick pending orders just below the trendline that has broken in anticipation for a retest of that break to then go back down. I have set 3 take profit target levels for...
Is Copper ready to break onto the 3rd wave to the higher cycle?..............Is the ABC move complete with C wave truncation to the lower cycle?.........Break for 3rd wave..strong moves expected with the break.
Looking for 3.28 target in copper which will then take a breather before next attempt
short term we might drop a little but next few months we should head back up.
2.95 is the resistance where we are & once we close above it will become support level
Price is above all daily & weekly MA's = bullish
A new shorting opportunity may be coming soon in Copper. My downside targets will be the break of the neckline, and then to the lower line. Next week should be critical in determining whether copper is ready to initiate a further down move.
Here we have copper where we have seen some major moves for the last few months. the analysis below is a long term analysis.
- monthly wedge broken and retested back in December 2016
- price over all is in an ascending channel
- price has hit the mid range supple levels where we have seen retracements back it up to 50 %.
- currently monitoring price action...
Yesterday I posted the Copper daily chart showing how the back of the bear was broken with the strong looking MACD divergence with a rising RSI to price. The above chart shows how I think we could well be into the start of wave B
currently waiting for price to hit the 61.8% handle. these areas do have some high level of demand .. with confluence with 61.8% looking for a long term hold on longs for copper...
has been a rough summer......
targets for this will be at 0% ,127% extensions and 161.8% extension.... for now its patience on this precious commodity
Previous resistance can truly become support many times over.
RSI way oversold. price action will determine the rise on lower timeframes.
great opp here, make sure you have a tight stop loss in case it doesn't hold.