Elliott wave analysis of Copper for June 2, 2021


Copper and Crude oil are closely correlated and likely to move in tandem. Copper is the leader - That's why we call it Dr. Copper as it's the first to tell what's going on in the economy. Copper has been rallying since March 2020 and has reached its first target for wave 5/, but the rally doesn't really look complete at this point and more is likely to come, therefore we are looking for more upside pressure towards the next upside target at 5.43.

If copper leads crude oil higher that means more upside pressure in crude oil too and the next upside target in crude oil is seen near 76.90.

Trading recommendation:

Copper will likely move closer to 5.43 before a more sustainable top is in place, but all requirements to the rally from March 2020 is fulfilled and it's time to be cautions and look for a possible sell near 5.43

The material has been provided by InstaForex Company - www.instaforex.com