• Copper broke pivotal support level 268.00
• Further losses are likely
Copper today broke sharply below the pivotal support level 268.00, which stopped the previous sharp impulse wave 1 in July, as can be seen from the daily Copper chart below.
The breakout of the support level 1.2750 strengthened the bearish pressure on this currency pair – accelerating the active impulse wave 3 – which is a part of the medium-term impulse wave (C) from June.
Copper is expected to fall further and retest the next support level 251.50 (monthly low from June of 2017).