Elliott wave analysis: Copper in An Uptrend
Copper can be unfolding a bigger, five-wave recovery, up from March of nineteen of 2020. Now price can be trading into final stages of a higher degree wave 3 of a bullish cycle, up from 2.364 level, so be aware of limited upside, and a pullback in the next couple of days or weeks. Sub-wave 5) of 3 can look for resistance at the 3.05/3.1 level.
A drop below the lower Elliott wave channel line would suggest a top in place for wave 3, and a correction as wave 4 underway.
Copper, 4h
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