Elliott Wave Analysis for Copper Prices Suggests Weakness May Be Temporary

Elliott Wave Copper Talking Points:

  • Current Elliott Wave for copper is wave 2 of a larger bullish impulse wave
  • Alternate counts for copper prices suggest the downward correction may linger on but hold above the 2016 low
  • Multiple Elliott Wave patterns target 4.10 and possibly higher levels over the long term in copper

For the past two months, copper prices have been falling hard down nearly 20% since the beginning of June 2018. With the effects of trade wars creating waves through the market, the higher probability move according to Elliott Wave theory is for support to emerge soon pushing copper prices towards 4.10.

What Elliott Wave are we in now?

Pulling out to a weekly chart for copper, we can count an Elliott Wave impulsive move beginning in January 2016. This impulse wave has terminated so according to Elliott Wave theory, we can anticipate a three wave correction to unfold to lower levels labeled A-B-C. It is possible this downward correction is over and support for copper prices may emerge as the proposed wave (2) can be counted as an Elliott Wave flat correction.

If that is the case, then we will look for a wave

Article source: https://www.dailyfx.com/forex/technical/elliott_wave/copper/2018/08/01/longer-term-copper-price-forecast.html