Elliott Wave Analysis on Copper (HG) Expects the Metal Turning Higher

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Short Term Elliott Wave in Copper (HG) suggests the metal has ended wave (4) correction at 4.375. Wave (3) rally ended at 5.2 on 5.20.2024 which is all-time high price for Copper. Wave (4) pullback unfolded as a double three Elliott Wave structure. Down from wave (3), wave W ended at 4.7435 and wave X ended at 4.903. Wave Y lower subdivided into a zigzag structure where wave ((a)) ended at 4.571 and wave ((b)) ended at 4.696. The 45 minutes chart below shows wave ((b) on the left side of the chart.

Down from there, wave (i) ended at 4.518 and wave (ii) ended at 4.687. Wave (iii) lower ended at 4.431 and rally in wave (iv) ended at 4.612. Final leg wave (v) ended at 4.375. This completed wave ((c)) of Y of (4) in higher degree. The metal has turned higher and the rally looks impulsive. Up from 4.37, expect wave (i) to end soon, then it should pullback in wave (ii) to correct the short term rally from wave (4) before it resumes higher again. Near term, as far as pivot at 4.375 low stays intact, expect dips to find support in 3, 7, 11 swing for more upside.

Copper 45 Minutes Elliott Wave Chart

Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-copper-hg-expects-metal-turning-higher/

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