SINGAPORE: A bearish target at 54,070 yuan per tonne has been established for Shanghai copper , as a wave "e" rebound could have completed.
This wave is the final part of a five-wave corrective wave cycle that started from the October 2011 low of 50,760 yuan. Altogether, the five waves have made up a triangle, which is expected to be bearish.
The lower trendline of the triangle will eventually be broken below, a signal to confirm the resumption of the preceding downtrend that started from the August 2011 high of 73,590 yuan.
A rise above 57,000 yuan will be extended to 58,590 yuan.
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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