An extension means copper will end its current fall somewhere above $7,113 and then rebound again towards a resistance zone of $7,204-$7,232, formed by the 38.2 percent and the 50 percent Fibonacci retracements on the fall from the Oct. 22 high of $7,350 to $7,113.
However, the momentum of the current drop does indicate a completion of the rebound.
The resumption of the preceding downtrend will be confirmed when copper pierces below $7,113.
The views expressed are his own.
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