COBRE , COPPER This analysis allows us to see the two scenarios of buying and selling, as well as the need to wait for a confirmation in shorter time frames in order to enter the market confirmed.
Cobre
BREAK AND SHORT COPPERWAIT FOR THE BREAK AND SHORT.
HUGE DIVERGENCE .. THE BREAK AND FALL IS COMING.
AIM TO 2,45/50
REGARDS
Copper yet has not bounce but still can do it.This is a follow up of the last elliott wave analysis published 8 months ago www.tradingview.com
The basic change is in the extended 5th.
The diagonal as we expected did not work due keep the original wave count as originally stated is impossible due now will see the 3rd wave as the shortest. This can't be even in diagonals.
So the best way to update it is by extending the 3rd wave as a double zigzag and then count the following up sided zigzag as a wave 4.
This give us space for the fifth wave that is getting near to the 1 to 1 proyection for the 5) vs the traveled from the start of 1) to the end of 3) measured from the end of 4).
Cooper about to bounce?If we take a look from 2006 the full view seems very probably we are in a expanded flat.
Actually the decline from 4.6480 seems to be the 1)) wave o a C] wave
The decline have several hints to confirm this view:
Wave 4th has a near to 50% retracement and is in a contractile triangle shape
Wave 5th is the extended one and are near to its 61.8% portion of traveled by waves 1 to 3
Under this theory we must expect a deep retrace (probably in a zigzag fashion) to get back as much as the 4.000 area
