Copper (HG) futures continue under bearish pressure. During this year, the industrial commodity dropped 3.21% (YTD). In this post, we’ll review what to expect from Copper for the coming sessions.
The second leg
This month, the red metal dropped to the lowest level of the year at 2.5315. The A-B-C corrective structure still has pending bearish targets. The internal structure suggests that we are facing a wave 4 of a lesser degree (black label). The bearish cycle could visit new lows between 2.4915 and 2.4070. The invalidation level of this scenario will occur if HG soars and closes above 2.7300.