SINGAPORE: LME aluminum will fall to $2,029 per tonne, a 161.8 percent Fibonacci projection level of a downward wave (3)-3.
The metal has briefly pierced below a support at $2,077.75, which is provided by the lower trendline of a descending triangle.
The following immediate recovery of the price is deemed temporary, as the fall from the Nov. 14 high of $2,197 has developed several five-wave modes.
Strategically, a drop below $2,069 is needed to confirm the target at $2,029.
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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