Base Metals: Long Term Elliott-Wave Trend
Bishnu Prasad Basyal | Aug 29, 2017 02:36PM ET
All base metals are rising from early 2016. A significant rise has already been seen until now. In the long run, base metals are pointing downward. Among base metals discussed below, Copper, Zinc and Nickel seem to be completing the entire up move, which began in early 2016. Aluminum and Lead may take more time to complete their respective tops.
Copper (Completion of Up Move-Wave X of Triple combination Zigzag): Copper is rising in its final up move. Until now, wave 3 of C seems to be completing. Wave 4 can pull prices toward 3.00 first and then 3.35 is possible in its fifth wave of C. The triple combination Zigzag may pull prices below 1.55 till the end 2019-20 after making a significant top near 3.35.
Nickel (Completion of Up Move- Wave 4): Nickel is rising in its corrective wave 4 up move. This up move can extend up to 12000 at minimum and 13700 at the maximum. After making a wave 4 top at the above-mentioned area, another drop below 7400 is possible to conclude the entire pattern.
Zinc (Completion of Up Move- Intermediate Degree Wave (C) of Primary Degree Wave B): Zinc seems to be completing the Wave (C) near the area of 3200-3250. Post-completion of this entire up move near the above-mentioned area, a significant drop toward 1000 is possible till the end of 2019.
Aluminum (Completion of Up Move- Minor Degree Wave A of Intermediate Degree Wave (C) of Primary Degree Wave B): Aluminum is rising in a corrective wave (C). Wave A of (C) seems to be completing. Wave B of (C) can pull prices toward 1800 first and then a move toward 2600 is possible before making a significant top.
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Lead (Completion of Up Move- Minor Degree Wave A of Intermediate Degree Wave (C) of Primary Degree Wave B): Lead is rising in a corrective wave (C). Wave A of (C) seems to be completing. Wave B of (C) can pull prices toward 1950-1850 first and then a move toward 3100 is possible before making a significant top.
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