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 now is being completed. Under a bearish alternate view, the ongoing decline from the peak at 329.45 , may be only as an initial subsequent of sequence of an extended wave c(circled).

An explanation on the ongoing subwaves :

On the assumed first wave of sequence of wave c(circled), currently, its fourth wave could has been completed, and its fifth wave has likely begun its way down. An expected Fibonacci target for extreme of the ongoing wave v, 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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