SINGAPORE: Shanghai copper is approaching the end of a rebound from the Sept. 29 low of 51,580 yuan per tonne and will revisit this level.
A medium-term downtrend that started at the Sept. 1 high of 68,690 has not been completed, as indicated by the wave pattern that a big wave (3) is still progressing.
The current rebound is labeled as a wave "4", expected to stop around the peak of the wave "iv" which is at 55,800 yuan.
A downward wave "5" will take control, upon the completion of the wave "4" , driving the metal down to 51,580 yuan.
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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