Copper will melt your mindHello friends.
This is our primary count for copper futures. We are extremely bullish.
It's zoomed in, so here is the bigger picture:
We have 2 key Fibonacci levels as well as the volume profile all indicating that the peak for copper will come in at ~$4.20. In fact, we would expect that it will come in at *exactly* $4.20 because the market manipulators running this show have a crass sense of humor illustrated by them forcing Bitcoin to make its peak at 69k. On the Binance chart, to the PENNY, Bitcoin was $69,000.00 at the peak. Some call it an odd coincidence, but we don't really believe in coincidences. The manipulators mock the consistent and repetitive stupidity of retail traders on the charts they create, and they are all too oblivious to notice.
That target represents a substantial 25% rally from here, and for a huge market like copper, risk assets will all benefit from its rising prices (save for perhaps businesses that use copper as a key input). This is illustrated by the significant positive correlation between copper and the stock market.
Another thing to look at for this trade is the fact that we are quite likely (although not certainly) forming what we like to call the "Scam Bottom" pattern. It's simply Wyckoff without all of the bullshit. To extrapolate on this further, Wyckoff's theory claims that a market manipulator must always follow a needlessly complicated chart diagram. This diagram is always misunderstood by retail traders. This is because market manipulators, to the dismay of retail traders, do not follow a perfectly neat and infinitely repeating fractal pattern every time they extract money from the markets. Instead, they follow a general set of ideas. Most importantly, they maximize profits by triggering the maximum amount of retail stop losses at optimal prices.
Here is how they form a Scam Bottom pattern (invert for a Scam Top):
Make a substantial low in the market
Push price away from the low
Push price back to the low
Break through the low very briefly to stop out retail longs
Rapidly push prices higher
That seems to be playing out in the shorter term right now:
Trading plan:
We need to see a rapid reversal from this low in order to confirm our idea. Until that happens, we do not have a position in copper. If that happens, we will long copper. If the price sits there and waits, we may cancel the trade altogether. Once we get a long on copper, we will put a take profit at $4.20, and a stop loss below the local low.
