• Copper broke support area
• Likely to fall further
Copper recently broke through the support area lying between the key support levels 2.940 (which stopped the previous sharp corrections (4) and (A) in December and March, as can be seen below) and 2.880 (low of waves B and (2)).
The breakout of this support area accelerated the active short-term impulse wave (C), which belongs to the long-term ABC correction ② from December.
Copper is likely to fall further and re-test the next support level 2.800 (target price for the termination of the active impulse wave (C)).