Copper Elliott Wave View: Next Extension Higher may have started

Copper ticker symbol: HG_F short-term Elliott wave view suggests that the pullback to 3.0101 on 5/30/2018 ended Intermediate wave (2). The internals of Intermediate wave (2) unfolded as Elliott wave double three structure where Minor wave W ended at 3.0195. Minor wave X ended at 3.1485 high and the decline to 3.0101 low ended Minor wave Y of (2).

Above from there, the metal has started the next extension higher in intermediate wave (3). The rally looks to unfolding as Elliott wave impulse with extension in Minor wave 3 higher. The internal sub-division of Minor wave 1 and 3 show 5 waves distribution, confirming the impulse structure. Up from 3.0101 low, the rally to 3.093 high ended Minor wave 1 in 5 waves structure. Afterwards, the pullback to 3.046 low ended Minor wave 2 and Minor wave 3 rally remains in progress and expected to complete soon. Once Minor wave 3 ends, Minor 4 pullback should take place in 3, 7 or 11 swings to correct cycle from 5/31 low before the metal extends higher again in Minor wave 5 to complete the 5 waves impulse structure from 3.0101 low within intermediate wave (3) higher. We don’t like selling the metal into a proposed pullback.

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