Copper daily price at LME is about USD 4700.00 per 1 ton. Let us recall how its cost rose from USD 1500.00 up to USD 10000.00 and dropped back to its current value.
Copper Monthly Chart
Bulls took control over the world copper market in 2002 and managed to rule until early 2011. They were expanding the A momentum wave for 6 years and then allowed bears to collapse suddenly by more than 80% within 1 year. The succeeding C wave up came out in a truncated manner having slightly renewed in 2011 the high of 2008. In other words the bulls won but never showed such power as the bears did before.
After 5 months passed since that unremarkable victory, the bears have taken another chance to show their potency. They have been expanding their success and reached a turning point in January 2014 when they got support from the older 4-months chart.
The new A wave on the Monthly chart is going on for 6 years already and has not any sign of its termination.
Copper Weekly Chart
The Weekly chart shows a 5-wave bearish structure having 3 down momentum waves with 2 correction phases tilted down between them.
Copper 2-Days Chart
On a 2-Days chart we can see how the bulls started the new A momentum up. However, the B correction took an overlong shape. AO indicator of the older 8-days chart (it is located below the main AO of the 2-Days chart) shows us that the price is fluctuating within the shaded flat zone of AO. It means that we may continue to build an impulse C wave up or may not.
Copper Hour Chart
On an Hour chart we can see the clear 1st momentum wave up followed by the simple short 2nd correction and now the 3rd impulse wave being evolved.
Time will show how the price will progress. When older charts do not show any distinctive signals we will have to focus further on smaller charts as all the big moves start at smaller frames from 1-minute to 1-hour.