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A bearish outlook for copper

Copper formed a multi-month triangle, where the last leg made a throw over of the pattern. The triangle has been formed in the right shoulder of a larger Head & Shoulders (H&S) pattern. Thus, the red metal is in for a significant decline. Copper has broken the lower end of the triangular pattern as well as the neckline of the H&S pattern. After retesting the neckline, it has started the next leg down. The target on the downside will be the equality target, ie $2.58. A reversal can be trailed to $3.275.

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