Good Spot for a Low in Copper

COT considerations suggest that copper could turn up now. More importantly, the price chart indicates a favorable reward/risk propostion on the long side. To review, the 2002-2008 trendline was support in January. There is a shorter term trendline (blue line) being tested now. Pattern wise, the rally from January is impulsive (5 waves) and price action since the March high could end up as a bullish head and shoulders continuation pattern. Strength above 2.0995 would trigger a short term bottoming pattern that could launch a broader advance.

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