ridethepig | Copper Quarterly Update (via Supply Side Shortages)
📍 Changing Directions...
Let us first look at the previous charts for the flows we were tracking in the typical Copper flows inside a crisis:
a) Confirming the correction, which is set from an abc retrace
b) Momentum is in play here
In the lows at 2.1 - 2.3 the clear move was loading on the lows. This was followed by an immediate slingshot out as smart money outguessed the shortages coming on the supply side. First to go as confirmed at the weekend, Chile, Covid has hit mines hard and most are back to 60% capacity AT BEST!! Chile is now a virus hot spot... it is sadly only going to end in one way.
The slingshot carried out here is going to be effective at taking out the highs - a commodity shortage is a prelude to the monetary crisis which is cooked for year-end. Those V shapers have clearly not checked the most important chart that ironically begins with a V... VIX above 30 does not imply everything is fine...
Thanks as usual for all those keeping the feedback coming in the comments... 👍 or 👎
Let us first look at the previous charts for the flows we were tracking in the typical Copper flows inside a crisis:
a) Confirming the correction, which is set from an abc retrace
b) Momentum is in play here
In the lows at 2.1 - 2.3 the clear move was loading on the lows. This was followed by an immediate slingshot out as smart money outguessed the shortages coming on the supply side. First to go as confirmed at the weekend, Chile, Covid has hit mines hard and most are back to 60% capacity AT BEST!! Chile is now a virus hot spot... it is sadly only going to end in one way.
The slingshot carried out here is going to be effective at taking out the highs - a commodity shortage is a prelude to the monetary crisis which is cooked for year-end. Those V shapers have clearly not checked the most important chart that ironically begins with a V... VIX above 30 does not imply everything is fine...
Thanks as usual for all those keeping the feedback coming in the comments... 👍 or 👎
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Copper closing in on the 3.5 main targets:
