COMEX copper had formed a complex pullback, which had faced resistance near the 61.8% retracement of the entire previous fall ($3.294-2.419). From the key Fibonacci level the red metal resumed its larger downtrend. The fall is breaking up into lower degree waves. The price has fallen towards a crucial multi-month trendline, which is near $2.328. Once that breaks on closing basis copper can tumble down till $2.24. On the other hand, the swing high of $2.429 will act as a key resistance.

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