Markets
Shanghai copper to drop to 66,970 yuan/T
SINGAPORE : Shanghai copper is expected to fall to 66,970 yuan per tonne, a 61.8 percent Fibonacci retracement on the ri
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A rebound that started at the Aug. 9 low of 63,560 yuan has completed in an "a-b-c" wave mode, with the wave "c" having managed to travel only roughly 0.618 times the length of the wave "a".
Chances are low for the wave "c" to further rise towards 69,920 yuan, the 100 percent Fibonacci projection level.
The downside could be extended to 65,900 yuan, the presumed wave "b" trough.
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Copyright Reuters, 2011