Copper’s current bear market :
After completing an impulsive sequence of the primary degree five waves up in May 20o8, Copper has been developing the subsequent pattern – the sharp simple structure fall could be counted as a primary degree wave A, the simple rise in three waves may be only wave (A) of primary degree wave B, and currently decline of wave (B) of the same sequence to new lows is underway…
The outlook still remains bearish in the coming months.
An overview on this frame of Copper’s monthly chart :
After an expanded flat as the fourth wave, Copper developed an impulsive fifth wave to its extreme point at 426.05 in May 2008. Since then, Copper is likely to correct in a three-waves sequence(or a variation).
An explanation of the ongoing Copper’s bear market :
An impulsive sharp fall, could be labeled wave A (circled), as an initial segment of the correction in progress. And the following waves could be only subwaves (A) and (B) of an ongoing wave B (circled)…
Elliott Chart 