• Copper reversed from resistance zone
• Likely to fall further
Copper today reversed down from the resistance area located between the pivotal resistance level 2.7940 (former strong support from the start of July) and the 50% Fibonacci correction of the previous downward impulse 3.
The downward reversal from this resistance zone started the active minor impulse wave 5 – which belongs to wave (3) from June.
Copper is likely to fall further and re-test the next strong support level 2.710 (low of the previous minor impulse wave 3).