Copper Wave Analysis – 30 May, 2019

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FxPro Daily Economic Events
FxPro Daily Economic Events
  • Copper broke key support level 265.00
  • Further losses are likely

Copper today broke the key support level 265.00 (which has been reversing the price from the end of January).

The breakout of the support level 265.00 should accelerate the active short-term impulse wave (iii) – which belongs to the medium-term impulse wave C from the middle of May.

Copper is expected to fall further inside the active impulse wave C and retest the next support level 260.90 (target price for the completion of the active impulse wave (iii)).

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