The broad bearish outlook :
After developing the five overlapping waves in a bearish leading diagonal as wave i, Copper is now retracing up in three waves as the wave ii. Under the broader bearish outlook, decline of the following wave iii is probably ahead.
The expected target for extreme of the wave ii is the Fibonacci 0.618 retracement level at 281.25.
The bearish outlook :
Copper fell sharply in the impulsive wave iii, after retrace in flat wave ii to the Fibonacci 0.618 level of the leading diagonal wave i. The outlook is bearish against the 282.95.
Note : I’ve adjusted wave counting of the leading diagonal wave i to a better interpretation of the waves.
Fibonacci targeting :
The expected target for the current decline is 247.20, where ongoing wave iii equals 1.618 times the length of wave i – a common wave relationship.
The bullish outlook in short term :
Copper may corrects up the bearish leading diagonal wave i, through the Fibonacci 0.618 retracement level at 282.05 – by April 23-27.
The recent rise may be only initial subwave of what Copper will likely develop as a fourth wave of the ongoing wave 3 of circle degree.
More details have been clearly shown on these frames of Copper’s chart.
An explanation on these frames of Copper’s intra-day chart :
After an impulsive five-waves sequence down as wave iii, Copper has completed wave iv in a zigzag correction [ impulsive wave A – triangle wave B – ending diagonal wave C ].
Currently, an impulsive five-waves down, as the wave 1(circled), then its correction in an expected flat as wave 2(circled), were completed. And decline of impulsive third wave of the wave v, has begun its way down, just as the expected.
Fibonacci targeting :
An initial target is 248.75 on the Fibonacci 1.618 expansion level, as extreme point of wave 3(circled) of wave v.
The ultimate target for extreme of the ongoing wave v, could be around the 240.90, where establishes an equality ratio between the waves v and i .
An explanation on these fine frames of Copper’s intra-day chart :
After an impulsive five-waves sequence down as wave iii, Copper has completed wave iv in a zigzag correction [ impulsive wave A – triangle wave B – ending diagonal wave C ].
Currently, an impulsive five-waves down, as the wave 1(circled), then its correction in an expected flat as wave 2(circled), has been completed. This setup could suggest that, decline of impulsive third wave of wave v will likely begun its way to recent low.
Fibonacci targeting :
An initial target is 248.75 on the Fibonacci 1.618 expansion level, as extreme point of wave 3(circled) of wave v.
The ultimate target for extreme of the wave v, could be around 240.90 where establishes an equality ratio between the waves v and i .
An explanation on these fine frames of Copper’s intra-day chart :
After an impulsive five-waves sequence down as wave iii, Copper has completed wave iv in a zigzag correction [ impulsive wave A – triangle wave B – ending diagonal wave C ].
Currently, an impulsive five-waves down, as the wave 1(circled), is likely being corrected in a three-waves. This setup could infer that, wave iv is completed, and now decline of impulsive wave v has probably begun its way to recent low.
Targeting :
An initial target is start point of the ending diagonal wave C(circled) at 256.60 . The ultimate target for extreme of the wave v, could be around 240.90 where establishes an equality ratio between the waves v and i .
An explanation on this fine frame of Copper’s intra-day chart :
After an impulsive five-waves sequence down as wave iii [ leading diagonal first wave – impulsive third wave – ending diagonal fifth wave], Copper completed wave iv in a zigzag correction [ impulsive wave A – triangle wave B – ending diagonal wave C ].
Currently, a five waves down, as the wave 1(circled), is likely being corrected. It could infer that, wave iv is completed, and now decline of wave v has probably begun its way down.
Targeting :
An initial target is start point of the ending diagonal wave C(circled) at 256.60 . The ultimate target for extreme of the wave v, could be around 240.90 where establishes an equality ratio between the waves v and i .
An explanation on this fine frame of Copper’s intra-day chart :
After an impulsive five-waves sequence down as wave iii [ leading diagonal first wave – impulsive third wave – ending diagonal fifth wave], Copper completed wave iv in a zigzag correction [ impulsive wave A – triangle wave B – ending diagonal wave C ].
Currently, a five waves down, as the wave 1(circled), is likely being corrected. It could infer that, wave iv is completed, and now decline of wave v has probably begun its way down.
Targeting :
An initial target is start point of the ending diagonal wave C(circled) at 256.60 . The ultimate target for extreme of the wave v, could be around 240.90 where establishes an equality ratio between the waves v and i .
An explanation on this fine frame of Copper’s intra-day chart :
After an impulsive five-waves sequence down as wave iii ( leading diagonal first wave – impulsive third wave – ending diagonal fifth wave), Copper completed wave iv in a zigzag correction [ impulsive wave A – triangle wave B – ending diagonal wave C ]. For now, it appears that decline of wave v has started its way down.
Targeting based on the formations :
An initial target is start point of the ending diagonal C(circled) at 256.60 . The next target could be the extreme of wave iii at 242 .
Elliott Chart 