Copper Bearish Crab Pattern

In 2024, copper prices have exhibited notable fluctuations, driven by macroeconomic trends, industrial demand, and supply constraints.

Key Fibonacci retracement levels have played a crucial role in shaping market movements. With the 0% level at $3.96, the 23.6% retracement at $4.11 acted as an initial support, while the 38.2% level at $4.225 provided stronger stability.

The 50% retracement at $4.28 served as a key equilibrium zone, with the 61.8% level at $4.361 marking a critical support for potential reversals.

According to the harmonic Crab pattern, the 161.8% Fibonacci extension near $5.00 is expected to act as a major resistance. If the price reaches this level, a sharp bearish reversal is likely due to overbought conditions. A rejection at this resistance could drive prices down toward the support zones, completing the harmonic correction phase.

However, a breakout above $5.00 could invalidate this scenario and lead to further bullish momentum.


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