Copper Medium term view LME : Cmp 8350
A) Pattern view: Possible Head & shoulder with a small head & shoulder In right Shoulder – A bearish pattern starting to Unfold
Copper has been forming a head Shoulder pattern on weekly charts With left shoulder formed between July2009--Jun2010
And Head Formation From june 2010-- Sep2011
& right Shoulder From Sep2011 to current away , Interesting to Know is each Shoulder--head-shoulder has roughly taken anywhere between 50-54 weeks interesting on time cycle with The neck Line at 6800
Looking at short term charts the right shoulder is also Developing into a smaller head & shoulder pattern With each time taking of roughly 16 weeks The Neckline is Currently at 7500 and immediate upside Resistance is at 8600
So till weekly prices Are not able to Close above 8600 levels and We See a Fall back below 7300 , first The bearish indications will play for downside targets of 6400 level , Which would be Roughly near the Neckline of The larger head & shoulder
The wave counts also Suggest that we are in corrective down trend in medium term with the larger C wave starting to Unfold with Possible targets of 6200, To see Complete wave counts plz find attached chart
Hence on upside the potential upside as if now is range of 4-10 % with many important resistance on the way and probabilities of heading down for a correction of 25 + % is getting higher in next 12—18 Months
The above reco would be negated if we have a Weekly close above 9200 Lme
