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SINGAPORE: LME aluminum is due for a correction, as indicated by its wave pattern and the RSI indicator.
A small five-wave cycle is approaching an end, with the wave (5) looked very exhausted, zigzagging up in a rising channel.
The bearish divergence on the RSI indicator also suggests the metal has been overbought, and chances are high for a sudden drop.
A surge above $2,253 is expected to extend to $2,273.
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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