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Copper bulls look to push higher as price holds above 6.2820
The technical view targets 6.858 to finish the current upswing, with a further advance toward 6.981 if key support levels hold.
Copper futures are trading within a bullish Elliott Wave setup, with price still holding an incomplete three-swing sequence off the 6.2820 low, according to Action Forex.
The analysis says the rally is constructive as long as copper remains above the 6.2820 invalidation level, keeping the near term bias toward higher prices.
A push toward 6.858 is expected to complete the current five-wave advance in the wave ((iii)), after which the forecast calls for a corrective pullback in at least three swings.
Looking beyond the correction, the higher time frame count points to an extension toward 6.981, described as an equal legs target, with the broader structure expected to stay intact if support levels such as 6.479 and 6.2820 are not lost.
Latest closeCopper $6.753 ▲2.0%