Copper Short-Term Elliott Wave Analysis
Rally from wave (W) low at 2.209 is unfolding in double corrective structure WXY where wave W ended at 2.418, wave X ended at 2.3053, and wave Y of (X) is in progress towards 2.516 - 2.64 area before turning lower at least in 3 waves. Short term, wave ((w)) is proposed complete at 2.4755, and pair is in wave ((x)) pullback towards 2.4 - 2.412 before higher again. We don't like selling the proposed wave ((x)) pullback. As far as 2.305 pivot stays intact during wave ((x)) pullback, expect copper to continue higher again towards 2.516 - 2.64 area.
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