In this insightful analysis, we will delve into the Elliott Wave charts of Copper Futures HG_F, which have been exclusively shared with members on the website. The bullish trend in Copper, starting from the 3.6592 low, has caught the attention of traders, leading to a preference for long positions in the market. A recent 3-wave pattern emerged, indicating a strategic entry point for buyers at the equal legs zone.
Elliott Wave Forecast
The current scenario depicts Copper engaging in a ((ii)) black pullback, which serves as a correction to the cycle originating from the 4.4671 low. The pullback has exhibited a 5-wave structure from the peak, signaling that the correction process is not yet complete. Analysts are anticipating another downward movement towards the equal legs range of 4.5408-4.4925, which presents itself as a promising buying area. Once this extreme zone is touched, market participants are expected to step in, potentially propelling Copper towards a new high or initiating at least a three-wave bounce.
Midday Update
As anticipated by experts, Copper underwent another downward leg, eventually reaching the targeted extreme zone between 4.5408-4.4925. Subsequently, a substantial rally occurred from the Equal Legs-Buyers zone, aligning with earlier predictions. The overall outlook for Copper remains bullish, with a key pivot at 4.4652 serving as a critical support level. Traders are advised to look for buying opportunities in the 3,7,11 swing sequences as long as the pivot remains intact.
The Elliott Wave analysis of Copper Futures HG_F provides valuable insights into the market’s current dynamics and potential future movements. By carefully examining the chart patterns and wave structures, traders can make informed decisions and capitalize on profitable trading opportunities in the commodity market.