Markets
LME aluminium to rise to $2,406/T
SINGAPORE : LME aluminium will rise to $2,406 per tonne, as it has completed a five-wave cycle.
The cycle started at
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SINGAPORE: LME aluminium will rise to $2,406 per tonne, as it has completed a five-wave cycle.
The cycle started at the July 27 high of $2,675.25 and ended at the Aug 19 low of $2,323, with the wave "5" having developed a rare expanding diagonal triangle.
A Fibonacci retracement analysis on the fall from $2,675.25 to $2,323 reveals an immediate target at $2,406, the 23.6 percent level, but the upside could extend far beyond it.
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, 2011
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