SINGAPORE: LME aluminium is expected to retrace into a range of $2,241-$2,259 per tonne, as it has completed a five-wave cycle.
The five waves have made up a bigger wave (3), which will be partially reversed by a downward wave (4).
A Fibonacci retracement on the rise from $2,165 to $2,288.50 indicates the metal will drop to the range formed by the 23.6 percent and the 38.2 percent retracements.
Resistance is at $2,288.50, a break above which will confirm the progress of a wave (5) towards $2,310, the Jan. 31 high.
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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