MHG1! trade ideas
#COPPER #HG - Bearish interpretation with 3.55 potentialCopper's long rally from under 2.00 to 4.95 has been stalled and we have had a sideways move for the last few months
There is very good support at the 4.05 area, but one of the Elliottwave interpretation allows for a rapid fall to the 3.50 area.
What is visible is an a-b-c down move from May to late Jun in Wave A followed by a sideways triangle wave B. If this labelling is right we should expect a slide through the 4.05 support onto the 3.5 levels.
From the current levels this is a 1:3 R:R trade
copper's correction is overthe last leg of correction should be over with its touch and go of 4.02 level.
now it has to move fast to close above 4.19 soon to show sign of strength. upward movement confirmation only above 4.36.
how many times we did see huge move in a script when such sharpening triangular move were there?