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Catepillar Wave Analysis – 23 January, 2019

  • Copper broke key support level 275.00
  • Likely to fall to 270.00

Copper under bearish pressure after the earlier breakout of the key support level 275.00 (which stopped the previous short-term correction (iv) at the start of January).

The breakout of the support level 275.00 should accelerate the active medium-term impulse wave (3)  – which started earlier from the major resistance level 285.00.

Copper is likely to fall further toward the next support level 270.00 (former strong resistance from September and November).

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