SINGAPORE: LME aluminum will revisit the Nov. 28 high of $2,040 per tonne, as the wave (3)-4 rebound is expected to extend.
A presumed wave (3)-5 failed to drive the price below the Nov. 25 low of $1,989. Consequently, this wave could indeed be a wave "b", as a part of an "a-b-c" corrective cycle that makes up the wave (3)-4.
Support is at $1,989, a break below which will confirm the preceding downtrend towards $1,945, the 261.8 percent Fibonacci projection level of a wave (3).
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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