The metal is riding an extended wave (v), which has been subdivided into five smaller waves labelled i, ii, iii, iv and v.

The moderate rebound from the Wednesday low of $1,558.24 is classified as wave iv, to be followed by a downward wave v in due course.

Wave (v) is the fifth of a bigger wave 3, which may eventually travel into a range formed by its 238.2 percent and 261.8 percent Fibonacci projection levels.

Wave iv may end below or at $1,582, the 161.8 percent projection level.

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