Short Term view in Copper suggests the rally from September 21 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from September 21 low, wave ((i)) ended at 4.3175 and pullback in wave ((ii)) ended at 4.0545. The metal then extends higher in wave ((iii)) as another 5 waves in lesser degree. Up from wave ((ii)), wave (i) ended at 4.3955 and pullback in wave (ii) ended at 4.3050. The metal extends higher in wave (iii) towards 4.781, wave (iv) ended at 4.7025, and wave (v) of ((iii)) ended at 4.823.
Pullback in wave ((iv)) is proposed complete at 4.537 as a double three structure. However, the metal still needs to break above wave ((iii)) at 4.823 to rule out a double correction. Down from wave ((iii)), wave (w) ended at 4.5935, wave (x) ended at 4.7575, and wave (y) ended at 4.5370. This completed wave ((iv)) in higher degree. Up from there, the metal should end wave (i) of ((v)) soon with 1 more push higher. It should then pullback in wave (ii) before the rally resumes. Near term, while pullback stays above 4.537, and more importantly above 4.309, expect the metal to extend higher within wave ((v)).
Copper 30 Minutes Elliott Wave Chart
