Re; " .... So what does your chart mean?? bear or bull? ... "
I should have first explained that Elliott Wave projections can make differing projections depending on the time period used for the chart: daily - weekly - monthly etc. ... short period EWs can be nested inside longer & larger ones!
The weekly version of LME Copper shows Elliott Waves projecting a BEARISH Wave 5 fall to well below the 2008 December low. If that precipitous & massive plunge does not occur by mid July 2009 those EWs should vaporise.
Alternatively the monthly version shows Elliott Waves projecting a BULLISH Wave 5 recovery in Copper which has already started & is projected to continue until late July 2012 - Mr Swan's budget appears to based on that scenario [LOL].
I should also add that on daily charts Elliott Waves longer than 55 days show BULLISH projections for LME Copper. They show that a Wave 4 pullback has already occurred [current bottom was the April 28 swing low] & that LME Copper is moving in a channel along a Wave 5 trajectory.
In summary the charts support the possibility of both a rise & a retreat in the next few weeks. Therafter they suppport a continuation for many months of the recovery evident since December.
So the verdict from a self-professed glass half full person is that two out of three ain't bad - my verdict is BULLISH for LME Copper. Consistent with EW theory I nevertheless acknowledge the possibility of a short-term & relatively shallow retrace.
Of course I have been know to be 100% wrong so please DYOR & make your own decisions.
4YIO - NFA
PNA Price at posting:
40.7¢ Sentiment: LT Buy Disclosure: Held
