Copper 4 Hour Chart
The chart below shows Copper has been in a bullish run since the 19th of March 2020. The move higher started when we saw an exhaustion gap to end the move lower.
We now have a leading diagonal in the wave i position and a flat correction in wave ii and wave iii which hit our 2.618 Fibonacci level. From there we have seen a complex correction wxy for wave iv.
The current count has us in an extended wave v which is normal, in commodities based on the wave count. We have our initial (i), (ii) and we are now in wave (iii) in the minor degree for wave v. We are currently looking for 3.6450 to complete wave (iii) and a correction from that level down to retest the yellow zone at 3.3340 to complete wave (iv).
No key news events to look out for this week.
Res: 3.6449; 3.7313; 3.8062
Sup: 3.3366; 3.2209; 3.0338
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