SINGAPORE: A rebound of LME aluminium from $2,155 per tonne is ending, to be followed by a drop towards $2,192.
The wave "4" rebound has not violated a downtrend that started at the Sept 16 high of $2,403.75, as the metal is riding on a downward wave (3), which will complete a five-wave cycle, with the wave "5" to eventually drive the price down to $2,155, the wave "3" trough.
A Fibonacci retracement on the fall from $2,340 to $2,155, coupled with a rising wedge pattern, indicate the rebound could be peaking around $2,248, the 50 percent 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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