SINGAPORE: LME copper is expected to retrace to $7,051.25 per tonne, as a rebound from the Monday low of $6,800 has been completed.
The wave (4) rebound stopped after piercing a resistance zone of $7,578-$7,818, the 38.2 percent and the 50 percent Fibonacci retracements on the fall from $8,835.50 to $6,800.
The metal is now riding on a downward wave (5), advancing towards the presumed wave (3) trough at $6,800 while a target for the next 24 hours will be $7,051.25, an hourly chart low and the wave "b" bottom.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses
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