SINGAPORE: LME aluminum may rise to $2,050 per tonne, as a rebound from the Dec. 14 low of $1,955.75 has not completed.
The metal is riding on an upward wave "c", which is expected to develop a total of five waves, and so far, only four of them have unfolded.
The final wave "5" will push the price towards the upper channel line of a rising channel, within which the wave "c" has been climbing.
A slip to $2,000 will violate the bullish outlook, and a bearish target at $1,969.50 will be established.
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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