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
Daily chart analysis - Just sitting above major trend line support and trading within a falling wedge structure. Indicators show a rising RSI with MACD diverging to price. Favourable R/R trade with 1st target price 2490
Looking at the daily chart we have two interesting formations that could indicate a short term upswing. Indicators also seem to be slightly diverging to price.
We have a potential 'Wolfe Wave' and Cypher pattern. Wolfe wave price target of around 420 with projection time being Ex-Div date. The cypher target would be 395.
When I gave my analysis early on in the year for Vedanta, I gave my projection of 540-570 for the bottom of higher degree wave 2. Are we now into the 3rd wave? I think we are.
Discussions most welcome.
I think we could see more downside for Anglo American, 2016 trend line break early March, now have the potential for Head & Shoulders neckline break and a 123 high break into lower low. My target from the breaks is 865
PMO currently trading within an ascending triangle, usually a bullish structure and a continuation pattern found within a move. Not so often a reversal pattern as would be the case here, however the break from the ascending triangle would be a bullish move with a 123 low.
Premier Oil is currently waiting for a lock in and vote of its convertible bond holders, any...