Saturday, January 14, 2012

Copper in a BIG Irregular Flat correction, since 2006!

I am presuming May 2006 top in copper as a significant top. The price action followed by the top is clearly corrective till date. We completed wave A in Dec 2008, and wave B in Jan 2011. Since then the price action is very confusing to say the least. But we can still count the fall as a five wave move. Thankfully no EWP rule is violated. Now following the wave (5) failure in [1] and retracing a zigzag in wave [2]. Wave (c) of [2] tracing out a possible ending diagonal. Once this pattern completes we will see wave [3] down, and that should be really dramatic.

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