SINGAPORE: LME aluminium has resumed its medium-term downtrend, and a rebound target at $2,284 per tonne has been aborted.
The metal only managed to pierce briefly above resistance at $2,248, the 38.2 percent Fibonacci retracement on the fall from $2,438 to $2,130. Its failure to clear this barrier has invalidated the target at $2,248.
A surge to the Oct. 10 high of $2,264.75 won't alter the general picture, as that could be an extension of the wave (4), only with the 50 percent Fibonacci retracement to be retargeted.
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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