An explanation on this fine frame of Copper’s intra-day chart :
After an impulsive five-waves sequence down as wave iii [ leading diagonal first wave – impulsive third wave – ending diagonal fifth wave], Copper completed wave iv in a zigzag correction [ impulsive wave A – triangle wave B – ending diagonal wave C ].
Currently, a five waves down, as the wave 1(circled), is likely being corrected. It could infer that, wave iv is completed, and now decline of wave v has probably begun its way down.
An initial target is start point of the ending diagonal wave C(circled) at 256.60 . The ultimate target for extreme of the wave v, could be around 240.90 where establishes an equality ratio between the waves v and i .