LME aluminium to revisit low of $2,207
SINGAPORE: LME aluminium will revisit the Tuesday low of $2,207 per tonne, as the retracement from the Jan. 31 high of $2,310 will continue.
The rise on Tuesday is classified as a part of the wave "b", which is the second leg of a three-wave cycle. A Fibonacci retracement on the fall from $2,310 to $2,191 confirms the wave "b" has completed at $2,264, the 61.8 percent level.
The third leg, the wave "c", could have started towards $2,190, the 61.8 percent Fibonacci projection level.
A rise above $2,264 will be limited to $2,282, the 76.4 percent retracement.
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.
Copyright Reuters, 2012
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