Copper price, page-7

the ECB raising rates seems to have created a shift in capital flows, the DXY has finished its run for the moment (not saying it wont set new highs) its possible we get a flow into metals now, but it wouldnt surprise me if the DXY makes a run to 115-120 after a consolidation period before its metals real time to shine.
for now im not convinced either copper or gold have set their final lows.. its possible though and the last week or two were defo a point worth adding to metal positions

Gold
from the bottom of the 10 year cup and handle (outside fib is 1.618)


Copper
from the lockdown low bottom
i dont particularly like the wave movement from the high back to current in terms of elliott wave count.. if you called it a 5 wave down movement there is overlap between wave 1 and 4.. just not a very clear wave count picture... could be a wave extension in it with 2 more lows to come

it did bounce off the 61.8% retrace with only the wicks piercing the line.
but if we tie it to macro.. despite all the positives for copper.. it could be the baby that gets thrown out with the bathwater til the whole market bottoms and then rebounds harder... welcome to the world of gold miner investors