Copper Futures HG_F has been displaying impulsive bullish sequences in the cycle from the 3.6592 low. This indicates a favorable environment for long positions at this point in time. The recent 3-wave pattern observed in the commodity, where buyers appeared at the equal legs zone, further strengthens the bullish outlook for Copper.
The current analysis suggests that Copper is undergoing a ((ii)) black pullback, which is a correction of the cycle from the 4.4671 low. The pullback has manifested in 5 waves from the peak, indicating that the correction is still in progress. Anticipated price levels for this correction include the equal legs zone at 4.5408-4.4925, which is seen as a potential buying area. Once the price reaches this extreme zone, it is likely that buyers will emerge, leading to a potential rally towards a new high or at least a three-wave bounce.
As predicted, Copper experienced another leg down and reached the extreme zone at 4.5408-4.4925. A notable rally occurred from the Equal Legs-Buyers zone, aligning with earlier expectations. The commodity is maintaining a bullish stance above the 4.4652 pivot, indicating a continued favorable outlook. Buyers are anticipated to continue showing up in 3, 7, and 11 swings as long as the mentioned pivot level remains intact.
The Elliott Wave charts for Copper Futures HG_F provide valuable insights into the current market conditions. The impulsive bullish sequences observed in Copper signal a preference for long positions, while the ongoing ((ii)) black pullback presents potential buying opportunities. By closely monitoring key price levels and wave patterns, traders can make informed decisions to capitalize on the anticipated price movements in Copper.
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