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23.04.202108:21 Forex Analysis & Reviews: Elliott wave analysis of Copper for April 23, 2021

Exchange Rates 23.04.2021 analysis

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

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Torben Melsted,
Analytical expert of InstaSpot
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