SINGAPORE: A bearish target at $1,945 per tonne is intact for LME aluminum, as indicated by its wave pattern and a Fibonacci projection analysis.
The metal is riding on a downward wave (3), unfolding towards the 261.8 percent Fibonacci projection level, based on the length of the wave (1) and the peak of the wave (2) at $2,165.
The consolidation around $2,029, the 161.8 percent projection level will be temporary.
Strategically, a fall below Wednesday's low of $2,003 will confirm the plunge towards $1,945.
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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