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This is has been our longer term wave count for quite some time. So far there has been nothing in the recent price action to alter this view. Bigger picture, 1345 still looks like a significant market top, though the (B) wave is probably not complete. Wave z should last until the end of year. Presidential election years are typically good years for the market. This wave count suggests otherwise....
-Bb
(B) z a w
(C)
c (A)
(B) z
a w
b?
x x
(C)
c (A)
a
-y-
(B)
c?
-b-
z e?
-w-a-x-
d?
-c-
b?
(C)
x
Andys Technical Commentary__________________________________________________________________________________________________
a
-y-a-b-
c?
-c-
(B) z e?
-w-a-x-
-b-
d?
-c-
b?
(C)
x
Andys Technical Commentary__________________________________________________________________________________________________
a
-y-
e? c?
-b-
(B) z
g?
-w-a-x-
d? f?
-c-
b?
(C)
x
Andys Technical Commentary__________________________________________________________________________________________________
The Bottom Line is that the Copper picture is not telling a good tale. Theres room for Copper to grind a little higher, but this market is a sale into the $3.75-4.00 zone and should not be even considered a buy until it sets a new low sub-$2.99.
3 5 1 or a
My last report on Copper was bearish. If there are any traders who are holding short positions in copper, some resistance points have been highlighted below. A move back above $3.47 should cause bears to stop out of shorter term (new) trades. A break above $3.62 should cause all shorts to exit the market for further evaluation. If a triangle did finish near $3.62 and this market is now thrusting to the downside, it should not be able to sustain any kind of meaningful bounce higher. The 3.4760 level is the 61.8% retrace of the last move lower.
1 4
3 5 1 or a
Andys Technical Commentary__________________________________________________________________________________________________
PLEASE NOTE THAT THERE IS ADDITIONAL INTRA-WEEK AND INTRADAY DISCUSSION ON TECHNICAL ANALYSIS AND TRADING AT TRADERS-ANONYMOUS.BLOGSPOT.COM
Wave Symbology "I" or "A" I or A <I>or <A> -I- or -A(I) or (A) "1 or "a" 1 or a -1- or -a(1) or (a) [1] or [a] [.1] or [.a] = Grand Supercycle = Supercycle = Cycle = Primary = Intermediate = Minor = Minute = Minuette = Sub-minuette = Micro = Sub-Micro
This report should not be interpreted as investment advice of any kind. This report is technical commentary only. The author is NOT representing himself as a CTA or CFA or Investment/Trading Advisor of any kind. This merely reflects the authors interpretation of technical analysis. The author may or may not trade in the markets discussed. The author may hold positions opposite of what may by inferred by this report. The information contained in this commentary is taken from sources the author believes to be reliable, but it is not guaranteed by the author as to the accuracy or completeness thereof and is sent to you for information purposes only. Commodity trading involves risk and is not for everyone. Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading: Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.