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Copper | Aluminium | Lead | Zinc | Nickel WaveTrack's Base Metals Service

​There’s been some impressive gains in Copper, Lead and Zinc during the last month, extending the run higher that began from the December/January lows. Could this be the beginning of a more sustained advance, finally confirming the end of multi-year counter-trend declines? Unfortunately, the Elliott Wave pattern interpretation from the 2011 highs remains ambiguous – had they’d been otherwise, we could have had a stronger conviction of a new bull uptrend in its early stages of development. For the moment, at least, there are gaps that allow the 5-year declines to extend even lower than we’ve recently seen. Shorter-term, Copper is building higher into a five wave expanding-impulse pattern from the January lows, although this remains incomplete – so more upside is expected. In contrast, Lead has completed an overlapping five wave diagonal pattern from its November low into the March high. This opens the way for more declines, although shorter-term, it may pull higher with Copper following some retracement already. Zinc has unfolded higher from its January low into a five wave expanding-impulse pattern – it’s almost complete, so again, some downside exertion is imminent although shorter-term, April may begin by ending the five wave pattern, proper with a slightly higher high. Discouragingly, Aluminium and Nickel have undergone three wave counter-trend upswings from their November/February lows, heightening the risk of another decline to lower lows. In this report, we’ll be pulling these divergent themes together in an attempt to create a uniform forecast of price activity.