Copper futures continue to trade within a bullish Elliott Wave structure, with price maintaining an incomplete three-swing sequence from the 6.2820 low. The current rally remains constructive, suggesting buyers are still in control. As long as Copper holds above the 6.2820 invalidation level, the path of least resistance remains to the upside. The broader Elliott Wave structure continues to favor higher prices before a larger corrective pullback develops.
The 60-minute Elliott Wave chart shows Copper advancing within black wave ((iii)). A push toward 6.858 should complete the current five-wave impulsive sequence in wave ((iii)). Once this move finishes, we expect a corrective pullback in at least three swings as part of wave ((iv)). This pullback should present another buying opportunity, provided it remains above the 6.479 swing low and, more importantly, above the 6.2820 invalidation level.
Looking beyond the near-term correction, the higher-timeframe Elliott Wave count continues to point higher. We expect the current advance to extend toward 6.981, which represents the equal legs target for red wave 1 within wave 3. Reaching this level would complete another important phase of the larger bullish structure before any meaningful correction takes place.
Overall, our Copper Elliott Wave forecast remains bullish. Any pullback in the coming hours is expected to find support in 3, 7, or 11 swings, keeping the broader trend intact. Until key support levels break, traders should continue to favor buying pullbacks, with 6.981 remaining the next major upside objective.
HG #F 60 Min. Elliott Wave Chart
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