Copper Elliott Wave View: Next Extension Higher May Have Started

Hello Traders,

In this analysis, we will have a look at the metal Copper in the 1 hour chart.

Short-term Elliott Wave view suggests that the pullback to 3.0101 on 5/30/2018 ended blue wave (2). The internals of blue wave (2) unfolded as an Elliott Wave double three structure where red wave W ended at 3.0195 and red wave X ended at 3.1485 high and the decline to 3.0101 low in wave Y of (2).

Above from there, the metal has started the next extension higher in blue wave (3). The rally looks to unfolding as an Elliott Wave impulse structure with extension in red wave 3 higher.

Up from 3.0101 low, the rally to 3.093 high ended in red wave 1. Afterwards, the pullback to 3.046 low ended in red wave 2 and red wave 3 ended at the peak of 3.3165. Red wave 4 pullback can already ended at 3.2585 low and can now extend higher in red wave 5.

As long as Copper stays below red wave 3 peak, a double correction lower in wave 4 can't be ruled out before the metal extends higher again in red wave 5 to complete the 5 waves impulse structure from 3.0101 low within blue wave (3) higher. We don’t like selling the metal and like to stay on the sidelines for now. However, the right side remains to the upside.