Today the broader picture in copper February future emerges like this:
The daily chart above shows a Wolfe wave, which targets a much lower level. However, for trading purposes, the green channel may be concentrated upon for the time being, which indicates 430 at its LTL.
The hourly chart shown below, also has a Wolfe wave, which is tradeable in the shorter time-frame. With T1 at 442 and T2 at 438, positions can be taken now with a SL of 447.65. SL may be kept above the green UTL till it maintains within the green channel.
Went up as C. Now shorting zone at or above 449 with SL 449.55.
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