An alternative on this frame of the Copper’s daily chart :

After completing the bearish leading diagonal wave a(circled), and then its correction in a simple zigzag as the corrective wave b(circled), Copper fell down in an impulsive five-waves sequence which is still in progress. Under a bearish alternate view, the ongoing decline may be only as an initial subsequent of sequence c(circled).

An explanation on the ongoing subwaves :

On the assumed first wave of sequence of wave c(circled), its fourth wave could be completed, and its fifth wave has probably begun its way down. A common Fibonacci target for extreme of the ongoing decline, could be around the 240.90 level where establishes an equality ratio between the first and fifth waves of the wave (i).

Copper - Daily

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