Copper: Edging closer to top.

On 2nd December I pointed out that we are in the 5th of the Fifth wave in Copper and that we are likley to see the peak between 417 and 448. There is no change in that outlook for Copper. (On 8th December I posted a short-term chart from a different provider showing a 5-wave decline. Unfortunately, I have a feeling that there might be something wrong in that chart, because today’s image shows a 3-wave decline, which explains why we went up again to a new high). Anyway, in the big picture, we are still calling a top in the window mentioned above.

Copper has been strong because of demand from China. Lack of action on the interest rate front from China was also supporting copper prices, just as Gold hit a new record level. Many analysts are citing anticipated supply deficits next year as a reason why copper should remain firm. HOwever, be aware that the markets tend to discount such news and maybe all this is getting reflected in current prices. We shall see soon enough.

By the way, I have put back the links for free subscription by email and RSS reader at the top of this page. You may wish to alert your friends about this. Best wishes. Ramki


  • luca

    Dear Sir,
    Merry Christmas and a Happy New Year
    “Buon Natale e felice anno nuovo”
    your work is appreciated by all of us

  • Linda

    HI ramki

    merry xmas and a happy new year ahead for you.
    i was wondering if you could help chart USDSGD. the corrective rally of USD has been weak and if it is indeed the 4th of 5th wave. before the final 5th. could you advise the turning point for the 4th before the 5th starts.

    in addition, whilst im at the AUD category. do you forsee a correctivn to 93 before an assault of 1.05? or is 1.028 the top? the correction so far has yeild mixed results. down 5 and correct 5.

    thank you.

  • Yasharth Nathani

    Hello sir,

    Any Updates on the copper.


    Yasharth Nathani

    • Yashrath, At present there is no change in view. We could still get the push to reach 448, but the recent sharp downmove is perhaps an early warning of potential risks to being long up here. I wouldnt sell until a top is confirmed. Identifying a top is one thing. To trade that requires a sell signal which is not seen yet.

  • keyur

    sir now top confirmed in copper????

  • ajay

    dear sir can we confirm now the diagonal triangle on gold& silver has worked out and one more question i saw from elliotwave .com that “exponential trend line” of ten years in silver chart has hit it’s target at 31.24 so can we except for a huge correction from here?

  • Keyur

    sir yesterday copper has made high of 443.90 so now is it confirmed that copper is topped out????

  • keyur

    Sir at today’s high of 447.80 can we say tht copper has completed its 5th wave?

    • Hello Keyur, Re copper, we can only say that one of its 5th wave targets has been met. In order to turn short, we should wait for a 5-wave downmove to be completed (in the intraday charts) and then wait for a 50% pull back before selling. Even then, we should keep a protective stop above the high. There is no way to tell when an extension will finish. We can only project possible targets.



    in copper(or any chart) how we know(confirmation) 5-wave is completed which level

    should be break or any retracement level ? from wave -4 to wave-5


    • Hemin, One will have to look at the first reaction from the end of the move and make a judgement call is that new move is an impulse or a correction. Trading is thus a different ball game.

  • manoj

    ramki sir please project in chart if possible of copper update please sir

  • Keyur

    sir copper has made the high of 448.75 n now trading at 434…. sir is it conformation tht 5 th wave is over?

  • Keyur, Manor, Hemin, and others.. No I dont think the 5th wave is over in Copper. We will probably stay above 416 and test higher one last time. It is too soon to get bearish, but be prepared for that topping out in the not distant future.

  • Keyur

    sir any update on copper pls?

  • Keyur

    hello sir,

    there was a good fall in copper in last two days. sir now can we tell that 5th wave is over?

  • Keyur

    sir nw any view on copper as it happened d same as u told .

  • Keyur

    sir can u tell tht where we are as far as copper is concern pls? eagerly waiting for the reply.

    • Hi Keyur, i think the picture remains bullinsh for the time being. So any dip to 425 to 420 area should be used to cover shorts and go long. The uptrend remains strong.

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