SINGAPORE: LME copper has approached the end of the first round of a rebound, and is expected to retrace to $7,020 per tonne.
The rebound followed the completion of a five-wave cycle in the fall from $9,160 to $6,636, and has adopted an "a-b-c" wave mode.
The wave "c" has travelled close to the 161.8 percent Fibonacci projection level at $7,321, a resistance that will force the metal to correct to $7,020 which is an hourly chart high touched on Oct. 3.
A further gain to $7,400 will extend to $7,600, the 38.2 percent Fibonacci retracement on the fall from $9,160 to $6,636.
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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