Copper Set to Decline 16% on Elliott Wave: Technical Analysis
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Copper is poised to drop 16 percent by end of September to the lowest level in three years as it completes an Elliott Wave correction, according to technical analysis by Shanghai Cifco Futures Co.
The base metal is in a rebound stage after completing its third bearish cycle from February to April, said trading manager Hu Kaixi. The surge may last until the end of June and then decline to $6,037.50 a metric ton, he said. Elliott Wave theory, created in 1930s by American accountant and author Ralph Nelson Elliott, seeks to predict moves in markets by dividing past trends into five sections, or waves.