LME copper may retest support at $5,797 this week

• The bounce triggered by the support at $5,605 has been shaped into a wedge.
• The third wave labelled c may have ended around its 61.8pc projection level of $5,878.
• The extension of this wave towards $5,918 will be confirmed when copper breaks above $5,878.

These supports are identified as the 50pc and the 61.8pc projection levels of a downward wave C from $6,608.50.

The bounce triggered by the support at $5,605 has been shaped into a wedge, which will be confirmed as a bearish continuation pattern once the support at $5,797 is broken.

On the hourly chart, the bounce from the Nov. 14 low of $5,800 has adopted an irregular flat pattern, which consists of three waves.

The third wave labelled c may have ended around its 61.8pc projection level of $5,878.

The extension of this wave towards $5,918 will be confirmed when copper breaks above $5,878.