this metal is well-known as the indicator of economy's health aka "Dr.Copper"
and it shows worrisome signs of what's coming next for global economy
here is a breakdown of copper futures
we have waves ABC to the upside (white labels)
wave A was a clean impulse
wave B charted a triangular consolidation
lastly, wave C is the ending diagonal
it has 4 waves completed and the final wave 5 might do another spike higher
the trend looks exhausted as the entire structure is about to be completed
wave C has already exceeded the wave A in size as it come close to 1.272x ratio
RSI shows Bearish Divergence between waves A and C
bearish triggers:
immediate: breakdown of ending diagonal
next: collapse below the valley of wave 4 of C at $5.2
target area is at the strong support of Volume Profile between $3.1 and $2.7
this indicator also shows that there is no decent support between $6.9 and $4.5
and it shows worrisome signs of what's coming next for global economy
here is a breakdown of copper futures
we have waves ABC to the upside (white labels)
wave A was a clean impulse
wave B charted a triangular consolidation
lastly, wave C is the ending diagonal
it has 4 waves completed and the final wave 5 might do another spike higher
the trend looks exhausted as the entire structure is about to be completed
wave C has already exceeded the wave A in size as it come close to 1.272x ratio
RSI shows Bearish Divergence between waves A and C
bearish triggers:
immediate: breakdown of ending diagonal
next: collapse below the valley of wave 4 of C at $5.2
target area is at the strong support of Volume Profile between $3.1 and $2.7
this indicator also shows that there is no decent support between $6.9 and $4.5
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.