Looks like copper finally reached the top of the 5 wave impulse. We also saw an extended 5th subwave as the very last wave in the 5th wave which is typical in the commodity market. Also RSI didn't create a divergence but that is because of the extended 5th wave. We should see copper come down atleast 25-30% of it's value as a correction from the huge run it made that started early 2020. This isn't a "crash", this is just a healthy pullback before the next wave up in the future. I'm not planning on shorting it, but I did take profits on my long positions. I will look to re enter when it is done correcting.
Kommentar:
Coming down as expected:
