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The upper channel line points to 62,000 yuan as the wave "5" target, while a conservative target could be 61,530 yuan, the Jan. 30 high. Before the metal is able to rise further, it may retrace moderately, with a limit at 60,200 yuan. A further drop below 60,200 yuan could indicate the wave "4" correction will extend to 59,390 yuan. 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.