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Copper just broke down


Mercury

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You may not trade High Grade Copper but even if you don't it is worth keeping an eye on like Oil as the recent market drops have been commodity led and traditionally the recover is too...  Many commentators in the Mainstream have called the bottom of the Copper Bear but I think we still have a leg to go.  Either way we are due a pullback and perhaps we have just seen it this morning.

 

My Daily chart has an A-B-C rally to the 38% Fib off the recent lows, which I have as a W3 end.  Ideally I'd have liked to have seen the W4 higher up so can't yet rule out that his is a Wa end with a B-C still to go but let's see.  I have strong Neg Mom Div on the Daily too.

 

On the Hourly chart the price action has just broken through the bottom of a Bearish Triangle formation.  Could get a pullback to he Triangle bottom and then a further drop or could just drop away, commodities tend to move sharply when they move.

 

With Oil under bearish pressure too does this support a drop in main indices as well?

 

Here are the charts:



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