Shanghai copper target of 52,600 yuan/T unchanged

SINGAPORE: A bearish target at 52,600 yuan per tonne remains unchanged for Shanghai copper as it is riding on a downward wave "c".

The wave "c" started at the wave "b" peak of 58,780 yuan, unfolding towards the 100 percent Fibonacci projection level, as measured by the length of the preceding wave "a".

An aggressive bearish target at 48,780 yuan, the 161.8 percent projection level, will become available once the support at 52,600 yuan is broken below.

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