Copper Scope for a bounce

Copper has seen a sharp correction from the high of 3.16. More importantly, the red metal has witnessed a ‘five-wave’ decline from the high of 3.16, indicating that the direction is down. Since the red metal has completed a ‘five-wave’ decline, pullback of the previous fall is possible in the near term. The red metal can see a pullback towards 3.03–3.07 i.e., 50% and 61.8%, respectively, of the previous fall. Rise towards the retracement levels shall be seen as a selling opportunity as long as it is trading below the high of 3.16. On the way down, a break below 2.90 will indicate that the pullback is over and the next leg on the way down has started, which can drag it lower towards 2.84-2.77. The daily momentum indicator has turned positive.
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