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
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.