SINGAPORE: LME aluminium is firm on a downtrend, and the current rebound is expected to end around $2,248 per tonne.
The downtrend started at the Sept 16 high of $2,403.75 in a five-wave mode, and the wave (3) has yet to be completed, as so far only four of its five waves have unfolded.
The rebound from $2,155 is labeled as a wave "4", to end around $2,248, the 50 percent Fibonacci retracement on the fall from $2,340 to $2,155.
Upon the completion of the wave "4" , a downward wave "5" will drive the metal to the presumed wave "3" trough at $2,155.
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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