Copper Outlook in the short term

On 2nd December I had presented elliott wave analysis suggesting that Copper futures would meet some resistance around 417, and hence buying some out-of-the-money puts near there might be an interesting trade idea. Surprise, today Reuters is reporting on copper that technicals are pointing to weaker prices after it hit record levels at 413. In the short term, look out for a 50% recovery of the dip from 413 to current lows. If prices start coming off quickly from there, you should join in. The initial target will be below 365. Good luck.