FX.co ★ Elliott wave analysis of Copper for February 10, 2021

Copper has seen a strong rally since the March 16 bottom at 1.9725 and should move a little higher towards the expected target for wave 1 at 3.9535 before a more sizable correction lower to near 3.0000.

Ultimately the rally in wave C should break above the 2011 high at 4.6495.

A break below support at 3,6264 will be the first warning that copper has topped and the expected larger correction is ready to unfold.

Trading recommendation:

If you are long copper it's time to tighten your stops and consider taking some profit near 3.9535