In this technical article we’re going to take a quick look at the Elliott Wave charts of Copper (HG_F) commodity , published in members area of the website. As our members know, Copper has recently given us correction against the October 2023 low. The commodity reached our target zone and completed correction right at the Equal Legs ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.
Copper H4 Update 06.10.2024
The commodity is correcting cycle from the 3.5182 low. The pull back has already reached the extreme zone ( Blue Box ). We are aware that correction can be ending any moment. Despite the expected extension lower, we advise against selling Copper at this stage. We expect it to attract buyers at the Blue Box zone. We can see either rally towards new highs or a larger corrective bounce in three waves at least. Once the bounce reaches the 50% Fibonacci retracement level against the connector high – X red, we’ll secure our position by moving the stop-loss to breakeven. To safeguard our trade, we’ll closely monitor for any break below the marked invalidation level :4.1629
A quick reminder:
Our charts are designed for simplicity and ease of trading:
Red bearish stamp + blue box = Selling Setup
Green bullish stamp + blue box = Buying Setup
Charts with Black stamps are deemed non-tradable. 🚫
Copper H4 Update 06.10.2024
The commodity made another leg down and found buyers within the Blue Box area as expected. We got a nice rally from our buying zone, counting pull back completed at the 4.3016 low. The bounce has exceeded the 50% Fibonacci retracement level against the connector peak – (X) blue. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 4.3016 low, we believe the next leg up can be in progress. For confirmation on the next leg up, we’re looking for a break above the May 20th peak.
