You will recall when we talked about the inside skinny on Copper and how the breaking of
the symmetrical triangle in either direction would lead to an extended move.
The break came to the downside and continues to decline.
The target for copper, based upon the symmetrical triangle comes in at 2.74 plus or minus a penny.
This move will also bring the decline into a five wave down pattern and should indicate some type of rally, possible a very large rally even if copper only makes a counter trend move.
So at this point we are looking for copper to get to or close to its target price and then see some stabilization in order to initiate a long position.
The jury is still out on the long term picture for the industrial metal, but many questions about the long term health of the market will be answered upon the reaction off the decline.