🥉Copper futures (HG): Elliott Wave Analysis

2 Feb 2023

●● Preferred count
● High Grade Copper - COMEX (HG.F),🕐TF: Q1

Fig.1

Fig.1 gives a picture of counting the long-term waves of the "Supercycle" degree, which make up the global impulse [III]. The wave count is already more than two years old, although the first sketches with some assumptions appeared on our pages back in 2019.

Wave (V) is expected as a ending diagonal I-II-III-IV-V. A wedge-shaped wave form subdividing into overlapping zigzags will confirm the materialization of the market in the form of this pattern.
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● Cooper Futures (COMEX),🕐TF: 1M

Fig.2

Top of wave I of (V) of [III] is not confirmed. As will be shown on the three-day chart, there is a possibility that the formation of the Ⓨ of I zigzag will continue.
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● Cooper Futures (COMEX),🕐TF: 3D

Fig.3

The breakdown of the line drawn from the beginning of wave Ⓦ and the end of wave Ⓧ will confirm the beginning of the correction within the framework of cyclic wave II.
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● Cooper Futures (COMEX),🕐TF: 8h

Fig.4

The target zone, where the upward correction Ⓑ is expected to end, is the cluster of Fibo levels highlighted by the pink channel.

A trading setup for working in a short position will open if there is a bearish reaction to this area, as well as formed waves one-two as part of wave Ⓒ of II.

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