Jump to content

Copper Commodity Elliott Wave Technical Analysis


Recommended Posts

Copper Elliott Wave Analysis
Function - Trend
Mode - Impulse
Structure - Impulse wave
Position -Wave 3
Direction - Wave 3 is still in progress
Details - Price rallied above 5.00 major level as wave 3 seeks completion. There is still room for more upside before the price turns down for wave 4 pullback.

Copper has been one of the strongest commodities in 2024 year-to-date, rising over 32% so far and poised for more gains before the first half of the year concludes. The bullish cycle started in July 2022 but experienced a rough patch in 2023 before resuming its upward trend in 2024.

 

Copper's long-term Elliott wave structure can be traced back to pre-2000 when a diagonal structure began to emerge. In March 2020, the cycle degree fourth wave of the diagonal, wave IV, concluded below $2. Since then, prices have moved upwards in a 3-swing structure to complete wave V, subdivided into blue waves A, B, and C. Blue wave A ended above 5.04 in March 2022 with an impulse wave structure. Subsequently, blue wave B formed and concluded in August 2022 at 3.23 with a zigzag structure.

Since August 2022, blue wave C has emerged and is expected to complete an impulse, subdivided into waves (1), (2), (3), (4), and (5). Waves (1) and (2) have already concluded, and the price is now in wave (3), which started at 3.52 in October 2023. Currently, the price is in wave 3 of (3). This analysis indicates that blue wave C still has some way to go before completion.

Commodities24.thumb.png.2fd06eaffe065541c4fc10fc85309d9b.png

 

On the H4 chart, we can observe the progress of wave 3 of (3). The price is currently in wave (v) of blue wave iii of 3, indicating that wave 3 is nearing completion. An extension to the Fibonacci zone of 5.266-5.538 is likely, and wave 4 could potentially start from there. The copper price action favors buyers who are looking to buy after dips.

Commodities24(1).thumb.png.26f453c5381e84e31d6e9effcc613362.png

 

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Still the silence is deafening in here. When will this happen?  it have moved most my Trading Capital to another broker who does support Trading veiw Does the deal with Tastytrade have something to do with this lack of progress?  
    • Well to me I feel that the  crypto market values transparency and reliable services. And Bitget has embraced this approach, attracting a large following,gaining up to 1.4million twitter followers,. Recent data shows significant growth in trading volume, solidifying its position in the market.  The exchanges  focus on user protection and satisfaction has fostered a loyal community. As the platform continues to evolve, its value may continue to grow. What are your thoughts on the importance of value in crypto, and what do you see as Bitget's future potential?
    • As more users embrace Dapp, it gets easier to trade crypto, engage in DeFi lending/borrowing and trade NFTs. With the growing need to trade NFT comes the introduction of Love Power Movement, a transparent and accessible marketplace with the best conditions for successful NFT sales. Although the NFT sector has recorded significant growth, it's still impeded by challenges like low protection of artists' and buyers' data, absence of organised policy protecting sellers and buyers amongst others. Love Power aims to tackle those by offering fixed commissions and royalties to creators, ensuring proper profit for sales. LPM token forming a crucial part of the ecosystem has been launched with no presale and VC investment, with intent to direct proceeds from token sales to NFT artists. As $LPM prepares to list on Bitget, the vast community of Love Power Movement would surely be watching keenly.
×
×
  • Create New...
us