SINGAPORE: A bearish target at $7,357 per tonne is unchanged for LME copper, even following its climb above the upper channel line of a falling channel.
The wave pattern on the hourly chart indicates the metal is riding on a downward wave "a", the second such wave, with a target at the Nov. 10 low of $7,357.
The rebound from the Tuesday's low of $7,645 will not violated the development of the wave "a", until it becomes so strong it could stand above $7,933, a presumed wave "x" peak.
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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