SINGAPORE: A bearish target at $1,969.50 per tonne has been established for LME aluminum as a rebound from the Dec. 14 low of $1,955.75 has completed.
The rebound has adopted an "a-b-c" corrective wave mode, with the wave "c" having stopped around $2,037, the 100 percent Fibonacci projection level, even though it is unusually shorter than the wave "a".
The completion of the rebound signals a preceding medium-term downtrend has resumed, but the final confirmation on such a resumption will be when the metal drops below $1,969.50, the presumed wave "b" trough.
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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