As can be seen from the adjacent chart, MCX copper formed a pull-back that retraced 50% of the entire fall. The rally unfolded in a channelised manner. However, from the key Fibonacci level the red metal has started falling once again. It has broken down from the rising channel. The daily momentum indicator is in a bearish mode. However, the fall is breaking up into lower degree waves. Since the last few sessions the red metal is trading in sideways manner and is preparing for the next leg down. The short-term resistance is at 468, whereas the major resistance is at 474.40. Overall, copper can fall down till 446-440.