Tuesday, June 2, 2009

WTIC and Copper Elliott Wave Count

Last update showed how these two commodities are entering the 5th wave impulse. Copper prices have risen strongly and are now at fresh highs for 2009. The 5th wave of the wave '1' of new impulse is now in progress. Strong confluence resistance rests at levels of 242 and then 250 - 264 range. The triangle formation completion has invalidated the previous alternate count and emphasized the base count. See the following graph

Crude oil entered the 5th wave of wave 'C' of final corrective wave 4. The wave 3 of 5 is nearing completion and crude oil might take a breather before tracing out wave 4 and 5. Please see previous post for complete update. Following is the short term graph -

There is strong confluence resistance at $68 - $72 range. Look for rally to exhaust at these levels. Further resistance is at $76 if these levels do not hold.


Abel said...

Agree. We´re close now.