Copper in 5 wave down currently wave 2
I have been following copper since 22nd June when I thought stochastics would cross over and go long. Never happened and I have been tracking it's bear run ever since.
After reading a few different views, I think Copper still has a way to go down in the short term before a possible swing back up. Looking at the weekly chart, there was a 5 wave up followed by a series of corrective waves. Now it looks like a wave down.
The upwards corrections in recent days are probably smaller corrective waves in the middle of a 1 wave down. There could be a 5 wave down.
Back to the daily chart.
After placing a Schiff pitchfork using the last ABC wave as pivot points, and extending the fib scale of wave AB of the last ABC wave, there is still more potential downside before a copper recovery. I may have to retune my stochastics to 12,3,3 to watch the crossover for me to short after the peak of wave 2.
There could still be a 3rd corrective wave in wave 1 coming that I have not mapped.
After reading a few different views, I think Copper still has a way to go down in the short term before a possible swing back up. Looking at the weekly chart, there was a 5 wave up followed by a series of corrective waves. Now it looks like a wave down.
The upwards corrections in recent days are probably smaller corrective waves in the middle of a 1 wave down. There could be a 5 wave down.
Back to the daily chart.
After placing a Schiff pitchfork using the last ABC wave as pivot points, and extending the fib scale of wave AB of the last ABC wave, there is still more potential downside before a copper recovery. I may have to retune my stochastics to 12,3,3 to watch the crossover for me to short after the peak of wave 2.
There could still be a 3rd corrective wave in wave 1 coming that I have not mapped.