My gut tells me that Copper will likely test the $3 level before its 5-6 month Intermediate Cycle tops out. The daily RSI is in the nosebleed section, however, as we are approaching the 3 month mark in its current uptrend.

Nearer term, my Trading Cycle count is a bit cloudy but my preferred count is day 31. We have formed a swing low once again but we did so last week only to move slightly higher.

Given the Time Copper has spent moving higher (i.e. almost 3 months now), the odds are very high that this Intermediate Cycle will be Right Translated and make a Higher ICL. The next ICL will also be a great spot to add to any miner positions you may have such as RIO, BHP, FCX, etc.

By Surf City

https://surfcity.co/

Everything about Cycle Investing

© 2017 Surf City - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.