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Copper (Comex): A bearish structure

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 in April. However, the fall is breaking up into lower-degree waves. The red metal once again moved up to retest the pattern neckline. Structurally, it has formed a multi-month bearish triangle below the neckline. The pattern looks near its completion. Thus overall downside remains intact. The target on the downside will be the equality target, ie $2.58. The reversal can be pegged at $3.418.

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