Report
Daud Bhatti

HG_F: Copper Futures – Reaction Higher from Equal Legs Area

 

Hello Traders, in this article we will analyze how we were able to forecast here at Elliott Wave Forecast the reaction higher in HG_F (Copper Futures). Firstly, copper was trading within a cycle from 01.18.2023 in a pullback phase. Secondly, we had in place the first leg of the cycle including the connector in place. This allows us to be able to project the equal legs area of the market. Within these areas buyers and sellers agree to a reaction of minimum 3 waves. Using our system we are able to enter trades with a defined entry, risk and take profit strategy.
Our members know how to utilize it in their favor.

Having said that let’s go and have a look on how we saw HG_F during 03.14.2023 4 hour update presented to members showing the area:

HG_F  4 hour update 03.14.2023


As we can see we were already within the Y leg lower towards equal legs area of 3.8603 – 3.6283. Specifically it was trading lower within wave (ii) of ((c)) of Y. From there our members knew the area in which they can enter the market if they were looking for a buy entry.
Now let’s fast forwards the time and see the latest 4 hour weekend update from 03.25.2023 which shows where we are:

HG_F 4 Hour weekend update 03.25.2023


As we can see Copper reacted higher from 3.8223 allowing us to create a risk free position already. Moreover, expecting next to pullback in wave ((ii)) before it can resume the rally higher in wave ((iii)). In conclusion, we are expecting Copper to continue to trade higher in the short term cycle.

You can learn what’s next for Copper futures and how we see the bigger picture by joining us here at Elliott Wave Forecast. Learn how to trade equal legs areas & blue boxes, and where to set your Stop Loss, including how to create a risk free position. Consider to become a member and improve your trading/investing decisions. Alongside with daily Live Analysis Sessions and Live Trading Room. On top of that we have a 24 hour live chat and chat room in which we answer any questions for each instrument. Click the links below to sign up or try first our 14 day trial.

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Source:-forecast.com/commodities/hg_f-copper-futures-reaction-higher-from-equal-legs-area/

#trading #elliottwave #copper

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Elliott Forecast
Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. 

Analysts
Daud Bhatti

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