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Copper Wave Analysis – 10 September, 2019

  • Copper reversed from resistance area
  • Further losses are likely

Copper recently reversed down from the resistance area lying between the key resistance level 264.00 (former monthly high from April), upper daily Bollinger Band, 100-day moving average and the 50% Fibonacci correction of the previous downward impulse from July.

The downward reversal from this the resistance area started the active short-term impulse wave 3 – which belongs to the medium-term impulse wave (3) from July.

Copper is expected to fall further and retest the next support level 257.50 (former resistance from August).

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