Time Fib plus a descending triangle plus some economics about commodity prices and the deflationary dollar for the next 2 years; all that says that copper is dropping by 43% from its current price at $2.5 per pound, reaching $1.42 by the end of 2022. This breaks the descending triangle downward setting a target of $0.83. It sounds crazy, but I'm simply looking at the chart. The Fib zones time the reversal to take place in late 2024 early 2025 where the nearest resistance is the $1.25 to $1.42 range.
Dagangan ditutup: hentian tercapai:
Stop loss was above previous high at $3.35. I can say my triangle was completely oblitirated. However, I must say that copper is not really getting more valuable with this rise. The dollar is weakening so rapidly that, in perspective, copper is cheaper than it used to be before this trade started. I think the only chart worth watching in this crazy time is DXY.