• Copper falling inside short-term impulse wave 3
• Further losses are likely
Copper continues to fall inside the short-term impulse wave 3, which started recently from the strong resistance level 285.00 – intersecting with the upper daily Bollinger Band.
The active impulse wave 3 belongs to the sharp, medium-term downward impulse wave (3) from the start of June.
Copper is likely to fall further and re-test the next major support level 267.60 (which stopped the previous sharp downward impulse wave 1 in the middle of June).