• Copper reversed from resistance zone
• Further losses are likely
Copper recently reversed down from the resistance zone lying between the key resistance level 272.30, 50% Fibonacci correction of the previous downward impulse (i) and the resistance trendline of the daily down channel from June.
The downward reversal from this resistance zone started the active short-term impulse wave (iii) which belongs to the medium-term impulse wave (C) from June.
Copper is expected to fall further and retest the next round support level 261.00 (low of the hammer from last week).