Copper on its Way to 3.6Copper has been in a steady downtrend since reaching the turquoise target level. The market continues to pull back, completing several structures like our overarching purple structure. After completion, this led us to the overall correction level (OCL) of the large movement, represented by the orange box.
Now, we are forming bearish structures near the lower edge, suggesting that the gray correction level won't hold at the first line, as we've seen. The orange and red structures are pressing the price further down. I don't expect us to reach the orange target level; rather, I anticipate a turnaround at the orange resistance and then a bullish move in the copper market. For this to happen, the price first needs to enter this region. Activating the red structure with a lower low is key. If we get this, I'm confident we'll reach the red target level and simultaneously the orange resistance.
