The bearish outlook :
Copper fell sharply in the impulsive wave iii, after retrace in flat wave ii to the Fibonacci 0.618 level of the leading diagonal wave i. The outlook is bearish against the 282.95.
Note : I’ve adjusted wave counting of the leading diagonal wave i to a better interpretation of the waves.
Fibonacci targeting :
The expected target for the current decline is 247.20, where ongoing wave iii equals 1.618 times the length of wave i – a common wave relationship.