SINGAPORE: LME aluminum is expected to revisit Tuesday's high of $2,078 per tonne and form a top around this level.
The rebound that started at the Dec. 14 low of $1,955.75 has almost completed, as wave (c) briefly pierced above $2,059, the 100 percent Fibonacci projection level.
Chances are low for wave (c) to develop a length 1.618 times that of wave (a), as the final wave of wave (c), labelled wave "5", may only be able to push the price to the presumed wave "3" peak at $2,078.
A rise to $2,090 will be extended to $2,107, the 161.8 percent 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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