HG=F (Copper) is showing 5 swings incomplete sequence from 2/13/2017 high, preferred Elliott Wave view suggests a rally to 2.619 completed 6th swing as a FLAT in wave (B) and metal has now resumed the decline in the 7th swing. The decline from 2.619 is so far corrective so wave (C) is expected to take the form of an Ending Diagonal where wave 1 ended at 2.539 and wave 2 ended at 2.581 as a FLAT.
Near-term focus is on 2.526 – 2.500 area to complete 3 waves from wave 2 peak, this area can result in a bounce in 3 waves again, which should fall below 2.581 high and more importantly below 2.619 high for extension lower towards 2.376 – 2.2716 area to complete 7 swings from 2/13/2017 high.
HG=F (Copper) 1 Hour Elliott Wave Chart 06/06/2017
(Click on image to enlarge)
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