Copper - did it make a long term bottom in August?

The monthly chart of Copper shows that the prices are touching the lower trend line of the channel formed since the top made in May 2008. It is probable that copper may have made a long term bottom in August this year. If the counts shown in the following chart prove to be correct, then it would imply that

• Copper has just completed an irregular flat correction.
• The fifth of C is an extended fifth
• The fifth of fifth of C is also an  extended fifth

 If so this has highly bullish implication. The first target will be around 3.2 (purple ((ii))) and the second around 3.7 (green (ii)).

This count will be invalid if the price drops below the August lows.
 

 

WTI Crude

This post is in continuation of the earlier post on WTI crude posted on  15th September (here). The hypothesis that crude is forming a triangle in wave B of 2 still remains valid as long as the prices don't break out of the upper trend line decisively.