With high probability it can be stated that it is the end of the corrective movement on the copper market.
Why do I think so?
- The current correction represents 88.6% of the previous corrective movement (Pic.1, green rectangles).
- The market has formed a double bottom price pattern on this level.
- The market has confirmed its will by forging a pro increase candlestick formation; i.e. the hammer on the H4 interval (Pic.2, pink rectangle).
A confirmation to this would be the breaking of the 8123 level.
Pic.1
Pic.2
Omar Arnaout
Omar.arnaout@xtb.com