SINGAPORE: LME aluminum has completed a rebound from the Nov. 30 low of $1,975.50 per tonne, and will retrace to the previous trading session's low of $2,076.25.
The rebound has adopted an "a-b-c" corrective wave mode, with the wave "c" having approximately developed 0.618 times the length of the wave "a", as indicated by a Fibonacci projection analysis.
A rise above $2,163 will extend to $2,217, the 100 percent Fibonacci projection level of the wave "c", based on the length of the wave "a" and the trough of the wave "b" at $2,076.25.
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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