​In this month’s edition of the Elliott Wave Base Metals Report, we take a look at the upside progress of our five, key base metals in order to determine if there’s been adequate gains to differentiate between bullish preferential and bearish alternate counts/scenarios. As we approach this question, we know that the base metal declines from the 2010/11 highs are still classified as counter-trend phases, as detailed in last month’s report. The commodity sector and the influence of Emerging Market indices, so sensitive to base metals are already showing signs of ending 5-year declines into pre-determined downside targets carried through our analysis of the past several years. Base metal prices are closing-in on major lows, but there are still caveats that could result in prices delaying the process whilst seeking deeper levels.
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