Our previous review of Copper Market – Copper Technical Analysis – was published on July 26, 2016.

2-Day Chart

On the 2-Day Chart the momentum C wave up is developing with a slight bearish correction on a subwave level. The waves of 2-Day chart are plotted with violet lines. We may clearly see a 3-wave structure that is forming since January 2016.

copper-lme-2-day-chart-2016-08-01

4-Hour Chart

The inner structure of the bullish 2-Day C wave can be seen on a 4-Hour chart drawn with aqua lines. We seem to be making a 4th bearish correction wave on 4-Hour chart enclosed in the C momentum wave of the older 2-Day Chart.

copper-lme-4-hour-chart-2016-08-01

1-Hour Chart

If we have a look at 1-Hour chart we may see that the inner 3-wave 1-Hour structure of the 4th 4-Hour correction was a complex one and is finished already. So the 5th bullish wave of the older 4-Hour chart is in progress now.

copper-lme-1-hour-chart-2016-08-01

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