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Copper!


dmedin

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Copper looks like it is in a very interesting place. My thinking...

Demand is dropping as factories are slow to get back to work and GDP is falling in the major economies. On a positive note, demand in China, the biggest market, would appear to be coming back.

On the supply side, mining has help up during the response to Covid_19 and supply seems strong. 

Lower demand, higher supply and price at a 2 year high... perhaps a correction is due. I am considering a short position and will start thinking about an entry level.

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Strangely though, I think the chart pattern is an Elliot Wave airplane chasing an inverted cup and handle. I imagine that everyone will be able to see that and will all follow it's trading expectancy, and thus a continued sideways movement will result. 

image.thumb.png.76e1db5ef13ce3c812239ab2b7a677c7.png

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Just now, JJP said:

Strangely though, I think the chart pattern is an Elliot Wave airplane chasing an inverted cup and handle. I imagine that everyone will be able to see that and will all follow it's trading expectancy, and thus a continued sideways movement will result. 

image.thumb.png.76e1db5ef13ce3c812239ab2b7a677c7.png

Or maybe it is the even more special ship and inverted cup pattern.

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I see your long bias is paying off this week. The news tells me that the refined copper production outlook by Rio Tinto has been cut recently. So a potential shortage of supply. Do you think this is the reason for the recent surge upwards

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