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Copper Bounced Where The Bounce Was Expected

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In August, we wrote that the downward move in copper futures probably had farther to go, but that an upward retrace within that move could be imminent. In the weeks since that post, price found support at the expected 2.62 level and appears to be attempting the retrace.

Our readers know we expect the move down from the 2017 high to consist of three waves, labeled as (a)-(b)-(c). If wave (a) is complete as we believe, then bearish traders should watch for a test of primary resistance near 2.95, with a fallback resistance area near 3.11.

At our website, we're monitoring signs on a faster chart that should indicate when the small upward correction is finished. So far it appears to need at least one more small upward leg.

When the retrace is eventually complete, we expect copper to continue its downward exploration, probably to find support at a higher low near the 2.31 support area. However a lower low beneath that of 2016 is also a possibility and would not violate this Elliott wave scenario.

As the 40-month price cycle indicates, a low should be expected sometime around the middle of 2019.

With markets becoming so volatile this year, there are fantastic trading opportunities on all time frames, from monthly down to intraday. Become a subscriber at Trading On The Mark and get a trading edge with twice-daily chart updates for the S&P 500, treasury bonds, gold, crude oil, the Euro and the Dollar Index.

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Trading On The Mark keeps its subscribers on the right side of the market on timeframes ranging from intraday to swing trading. Beyond the public blog, subscribers have access to frequently updated charts and posts covering equities indices, currencies, bonds, metals, and other commodities. Members also can participate in TOTM’s live intraday trading forum, which provides real-time guidance on market conditions and entry and exit opportunities in the e-mini contracts for equities indices and currencies. 

TOTM’s  technical approach is grounded in Elliott Wave and Gann techniques, while also making use of Fibonacci relationships in price and time, cycles analysis, and other more esoteric approaches. Most subscribers have several years or decades of trading experience, yet the website offers an environment where the dedicated intermediate-level trader can learn much that is not published in books or found in courses.

The company was established in 2008 to meet the needs of an online community of traders who have worked together since before 2005.

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