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Copper Futures bounce near Equal Legs as Elliott Wave traders target a buy
The technical setup points to a potential dip toward 6.5688 to 6.4472 before buyers re-enter, with invalidation pegged to a break below the 6.4472 level.
Action Forex said Copper Futures recently completed a pullback that formed a zigzag corrective pattern, ending near an “Equal Legs” area shown on its Elliott Wave charts.
The outlet described the move as a 3-wave pullback correcting the cycle from a 6.282 low, and it outlined a forecast for further weakness into a blue-box target range of 6.5688 to 6.4472, where it expected buyers to re-enter.
After price reached the 50% Fibonacci retracement of a rally noted in the chart, Action Forex said long positions became “risk-free” by moving the stop loss to breakeven while taking partial profits.
The setup was presented as invalid only if price broke below the 1.618 Fibonacci extension at 6.4472, while the article also claimed a bounce had already occurred at the Equal Legs level.
Latest closeCopper $6.636 ▲1.0%