Elliott Wave Analysis: Metals Turning Bearish!

July 5, 2019 Off By admin-445

Metals are approaching resistance areas, so be aware of a fifth wave ending soon on some of them; Gold and platinum, while copper may have already found a top, so its current recovery can be a minor corrective pause. 
We are observing copper in a new, bearish cycle, down from 2.7600 level where a previous a-b-c correction found resistance. In Elliott wave theory we know that once an a-b-c correction fully develops, that is when a new, potential, five-wave move into the direction of the bigger trend may follow. 
Specifically, we see copper now unfolding a minor (a)-(b)-(c) rise within a higher degree wave ii, with possible resistance, and a bearish reversal zone near the 2.700/2.720 region. A drop in impulsive fashion, below the low would confirm more bearish activity. 
Platinum, on the other hand, can still be trading in a bigger, three-wave a-b-c recovery with a potential target for sub-wave (v) of c being seen around the 860.0 regions. We are tracking a potential break-out of a former corrective sub-wave (iv) of c, that points towards higher levels. 
Gold is also approaching a possible end for a wave five as well, so be aware of a bearish continuation on all the metals. 
A drop in impulsive fashion would confirm a top/resistance in place, and more weakness.
Copper, 4h, and 1h

Platinum, 1h 

Source: www.forexcrunch.com