Category Archives: Base Metals

Aluminium

Topping in the corrective view :

Aluminium has extended the impulsive wave (c) of the minute degree second wave, to the Fibonacci 0.618 retracement level at 1976.39. On the ongoing wave (c) the waves of i, ii, and iii have been completed and its fourth and fifth waves are probably ahead.

Alt : The wave (c) may have completed.

Aluminium - Daily

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Aluminium

The bullish outlook in short term :

Aluminium has extended to the anticipated higher levels in impulsive wave (c) of the minute degree second wave. On the ongoing wave (c) the waves of i, ii, and iii have been completed and its fourth and fifth waves are probably ahead.

The outlook, in the corrective view, remains bullish now through the Fibonacci 0.618 retracement level at 1976.39.

Aluminium - Daily

Copper

The broad bearish outlook :

After developing the five overlapping waves in a bearish leading diagonal as wave i, Copper is now retracing up in three waves as the wave ii. Under the broader bearish outlook, decline of the following wave iii is probably ahead.

The expected target for extreme of the wave ii is the Fibonacci 0.618 retracement level at 281.25.

Copper - Intraday 360-1Copper - Intraday 600

Copper

The bearish outlook :

Copper seems to have poised to fall in impulsive wave (iii) of the minute degree wave c. The outlook is bearish against the 291.45 – top of wave (ii).

The anticipated target for extreme of the wave c is 149.45, where wave c (circled) equals 1.618 times the length of wave a (circled).

Copper - Weekly

Copper

Copper’s current bear market :

After completing an impulsive sequence of the primary degree five waves up in May 20o8, Copper has been developing the subsequent pattern –  the sharp simple structure fall could be counted as a primary degree wave A, the simple rise in three waves may be only wave (A) of  primary degree wave B, and currently decline of wave (B) of the same sequence to new lows is underway…

The outlook still remains bearish in the coming months.

Copper - Monthly

Copper

Copper’s quarterly-chart, since 1972 :

” The essential underlying tendency of the wave principle is that action in the same direction as the one larger trend develops in five waves, while reaction against the one larger trend develops in three waves, at all degrees of trend.”

In accordance with the concept of the Elliott Wave Principle :

On this frame of quarterly chart, Copper completed an impulsive five-wave sequence up as a possible cycle degree third wave, in spring 2008. Since then, Copper is likely to correct in a three-waves sequence(or a variation) as a possible fourth wave of the same degree.

“Quite often, when a large correction begins with a simple structure as first wave, the following waves will stretch out into a more intricately subdivided corrective form to achieve a type of alternation.”

Accordingly, for the subwaves of the overall corrective sequence it would suggest that, the sharp simple structure fall could be labeled as the wave A(circled) – the simple rise in three waves could be wave (A) of an ongoing wave B(circled) – and then an impulsive wave C(circled) decline which would be yet more complex is likely ahead.

How far down can the overall corrective sequence be expected to go?

” The primary guideline is that corrections, especially when they themselves are fourth waves, tend to register their maximum retracement within the span of travel of the previous fourth wave of one lesser degree, most commonly near the level of its terminus.”

Based on the guideline of the Elliott Wave Principle, Copper Gold tend to develop its following waves on the down trend persistently. And it is expected ultimately retrace to the span of travel area of the preceding fourth wave of one lesser degree, around the 86.60 level.

Copper - Quarterly