SINGAPORE: LME aluminum is expected to revisit the Nov. 17 low of $2,080 per tonne, as a rebound from this level has not reversed a downtrend that started at the Nov. 27 high of $2,295.
The rebound is labelled as a wave (3)-2, which will be followed by a sharp downward wave (3)-3, with a target at $2,029, the 161.8 percent Fibonacci projection level, based on the length of the wave (1) and the peak of the wave (2) at $2,165.
From a longer perspective, the metal is consolidating within a big triangle, which will be confirmed bearish, once the lower trendline support at $2,077.75 is broken.
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.
Comments
Comments are closed for this article.