SINGAPORE: A bearish target at 52,460 yuan per tonne is unchanged for Shanghai copper based on its wave pattern and a Fibonacci projection analysis.
The metal is riding on a downward wave (3) which has traveled 1.382 times the length of the wave (1), as indicated by a Fibonacci projection analysis.
The downside will be extended to the 161.8 percent Fibonacci projection level at 51,460 yuan, as it is rare for a wave three to just stop at the 138.2 percent Fibonacci projection level.
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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