July 14, 2011 4:53:16 AM by
Administrator
14 July
CFD Copper Report
Copper (Globex Futures) 435
Staying with a wave four correction as long as the price stays above the 430 – 425. Basic correctional patterns are in three swings, copper is entering the third now, however wave fours are the most complicated, that is triangle, double zigzags… so we don’t trade them unless we know for sure, but towards the end of them we can take positions, as the larger the correction the safe the next trend up , as a larger correction and especially sideways corrections that wave fours normally are, are solid foundations (accumulation of buyers) for a solid trend, but the wave five trend will have less volume than the third previous wave, this is why you know the wave five will create a larger top, based on the flow of volume, after all it’s the volume that creates the price