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Copper (Comex) Triangle formation


As can be seen from the chart, copper has formed a triangle whose last leg got over at the high of $3.759. The triangle has been formed in the right shoulder of a larger head & shoulders pattern. The momentum indicator is in sync with the price structure. Thus, the red metal seems to be in for a significant decline. On the downside, the lower end of the triangular pattern, ie $3.5, will be the initial target. Below that, the mediumterm rising trendline ($3.30) will be on the radar. The reversal can be revised to $3.76.
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