Since our previous copper technical analysis dd. August 19, 2016 bears strengthened their positions.

2-Day Chart

LME Copper on a 2-day chart looks like a 3-wave structure (plotted with violet lines) with a truncated C wave up. Of course, we may still continue to build some bullish momentum 5th wave but it will not change the situation too much. If the C wave that is considered to be the most strong in the classic wave theory has failed to overcome the high of the A wave, the total power of the bullish trend is quite doubtful.

lme-copper-technical-analysis-2-day-chart-2016-08-29

 

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