Forex Trading Library

Copper – Looking for a reverse Head and Shoulders

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Weekly: Copper completed a bullish Elliott Wave count at 33200 (5-waves). The selloff from the double top formation has been completed achieving a measured move target of 25580. Levels close to the 50% pullback level of 26280 continue to attract buyers.

Daily:  A classic reverse head & shoulder pattern looks to be forming. With bespoke support located at 26410 we look for further losses to be limited. On a break of 27300 the measured move target is 29110

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