Aluminium’s Bear Market :

Aluminium completed five waves up of the primary degree in July 2008. The subsequent pattern of the same degree is probably a corrective sequence in progress. The sharp fall could be counted as wave A(circled), sharp rise may be only wave (A) of the ongoing B(circled), and the following overlapping waves appears to be the leading diagonal wave A down and its correction up as wave B of (B).

Currently, the impulsive wave C of (B) down likely through 1420.11 is underway.

The previous fourth-wave range is a common target after five-wave rallies, so Aluminium may eventually work its way down to the 1354-1300 area.

Aluminum - Monthly

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