Closing the gap (red circle) could potentially be a point of retracement. The GAP PRZ around 78.6 is marked with red rectangle. However harmonic bat for bullish move is lower @3.04 with nice structure support. Possible drop to 3.00 is not out of the question.
The bounce in early May from and near the 3 mark looks as if it has run its course, with a pullback from 3.065-3.070 down to 3.035-3.040 likely to occur by May 7th, if not in the early part of the coming week. I went short at 3.067 and view the odds of the trade working out, even with the possibility of some early (fake) strength in Asia on Monday as 70/30.
Friends,
Last February 01st, our predictive analysis and forecasting offered a potential price action, seeing first TG-1 = 3.158 as a potential support, then 3.288 as resistance, and finally, eyeing 2.999 as an abysmal low-target, defined as "TG-Low = 2.999 - 01 FEB 2014.
What ensued was nothing shorter than a perfect adherence to the anticipated price action -...
Friends,
On February 01st, we released a target, namely: "TG-Low = 2.999 - 01 FEB 2014", setting our sight on a low target area following a probable reversal at 3.288.
This scenario played out quite well, and as of today, our proprietary forecasting strategy is signaling a bearish reversal confirmation of that early predictive analysis.
OVERALL:
Bearish...
Friends,
On February 01st, we posted a bearish target at 2.999 with a cautionary note that this DAILY copper chart will likely print a relief rally to the structure dwelling at 3.288 above.
Since that cautionary remark, price has indeed moved 8 incremental candles towards that target, with a shallow respite, which basic pattern traders might possible grab as a...
As just indicated and detailed on 4xQuad.com, the outlook remains bullish.
For greater detail and a review of the forecast we did on this metal, see the predictive analysis just released on www.4xQuad.com (where the original forecast was released to the public).
OVERALL:
Bullish outlook
Cheers,
David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
$Copper - Chart Update/TECH-NOTE: Neutral-to-Strong Bullish Bias | #copper #gold #silver #technicalanalysis
Since our last predictive analysis, the retracement did not occur at the anticipated depth, but the rally did stall at the forecast level = 3.388.
BULLISH SCENARIO:
At this point, we remain bullish in the longer-term, although an interim bearish push-back...
Looking at Copper Weekly Chart, It seems that a Possible Bearish Deep Crab is forming with Potential Reversal Zone at 3.688. Ichimoku is showing a Bullish sentiment for Copper.
harmonic-ichimokutrader.blogspot.com
At the beginning of the month, 4xQuad produced its first target ("TG-1) for its metal subscribers, setting its sight on TG-1 = 3.510.
Yesterday, an extended signal emerged setting a loftier secondary target at TG-2 = 3.631.
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Students, note the following technical events:
1 - Market conversion to the...
ABCD Pattern - Divergence on RSI and Momentum on the H1
A tighter stop could be employed if desired, but copper can be volatile particular CFD given its a synthetic of the physical
