COPPER PROBABLY IN ENDING DIAGONAL WAVE C or WAVE 5
Most probably Copper is about to finish an ending diagonal wave C or 5 of a higher degree and will soon enter a bearish wave correction (Declining volume supports ending diagonal structure and will give confidence once price breaks below the converging trend line with a higher volume daily close)
We will take short positions once the price breaks below the last swing low, Stop loss will be placed on the last swing high once trade is entered
Targets for correction wave are Fibs 0.32 , 0.5 and 0.618 ( Ending diagonals tend to retrace back to there starting point )
Aggressive traders can take positions if price touches the upper trend line of the triangle
Weekly candlestick is building a shooting star pattern which will further bring confidence to this trade if the week does close with a shooting star
💡 Volume is the key factor at breakout below
Let see how this plays, Good Luck !
Disclaimer: This is for informational purpose only, anyone taking trades using this idea will be liable of their own loss
We will take short positions once the price breaks below the last swing low, Stop loss will be placed on the last swing high once trade is entered
Targets for correction wave are Fibs 0.32 , 0.5 and 0.618 ( Ending diagonals tend to retrace back to there starting point )
Aggressive traders can take positions if price touches the upper trend line of the triangle
Weekly candlestick is building a shooting star pattern which will further bring confidence to this trade if the week does close with a shooting star
💡 Volume is the key factor at breakout below
Let see how this plays, Good Luck !
Disclaimer: This is for informational purpose only, anyone taking trades using this idea will be liable of their own loss