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Tecnical Analysis CFD Report Elliott Wave Copper

Tecnical Analysis

Copper CFD: 330
Technical Analysis
The wave four rally in copper started before gold and oil, so we can use this as a lead.
The current high around 337 can be the high of the rally or it can be just the first leg that’s the problem with wave fours, things like triangles occur in wave fours, the main point is that its corrective and should at most move sideways.
The TradingLevels, the price has found support on Group1 {330|320|310}, only when the price is locked under the pivot 320 can the price be pulled down under 300 TL3.  We did understand that the price would struggle and bounce around Group1, so we know what is happening here, the pattern is corrective wave four in Group1, so we aren’t going to see a trend, we are seeing and continue to see supports and choppy price action. The advantage here is the pattern lead over other commodities.
For Day Trading use Support on 330 the top of Group1 is support.

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