The Elliott Wave charts of Copper Futures HG_F are indicating impulsive bullish sequences in the cycle from the 3.6592 low. This has led us to favor long positions at this stage, as buyers have been appearing at key levels in the market. A recent 3-wave pattern emerged when buyers entered right at the equal legs zone, providing further confirmation of the bullish trend.
The current view of the Copper commodity suggests that a ((ii)) black pullback is in progress, correcting the cycle from the 4.4671 low. The pullback has shown 5 waves from the peak, indicating that the structure is still incomplete. There is an expectation of another leg down towards the buying area of 4.5408-4.4925. Once this extreme zone is reached, potential buyers are likely to enter the market, leading to a further rally towards a new high or at least a three-wave bounce.
Following the forecast, the commodity made another leg down and reached the extreme zone at the anticipated buying area of 4.5408-4.4925. A rally ensued from this Equal Legs-Buyers zone, confirming the analysis. Despite the pullback, Copper remains bullish against the pivot at 4.4652, with expectations of continued buyer interest in 3,7,11 swings as long as the pivot holds.
The Elliott Wave analysis of Copper Futures HG_F provides valuable insights for traders looking to capitalize on the current market trends. The impulsive bullish sequences and corrective pullbacks are key indicators of potential buying opportunities in the commodity. By understanding the wave patterns and market structure, traders can make informed decisions and stay ahead of the market movements. It is essential to keep a close eye on key levels and zones to identify potential entry and exit points for profitable trading strategies.