FX.co ★ Elliott wave analysis of Copper for April 23, 2021

The decline from the 4.37 peak is not consistent with a possible wave 5/ peak being in place and therefore the odds favor it to be the peak of wave 3/ and the following decline as wave 4/ or part of wave 4/ before the final rally in wave 5/ to new all-time highs.

Once wave 4/ is complete we should look for wave 5/ to at least 4.86 and possibly even closer to 5.43 or even as high as 6.35 if wave 5/ also extends. The price-action near the former wave 3/ peak at 4.37 will determine whether wave 4/ needs more time or already is complete and wave 5/ already is in motion.

Trading recommendation:

Buy Copper near 3.87 or upon a direct break above 4.37 for a rally to at least 4.86