This post on Copper is coming after an earlier post on (17/1/2016), when it was anticipated that Copper is bottoming. There it was stipulated that the metal is undergoing correction since the lower top it made in April 2006. There is no change in this outlook. A correction can take any number of forms and hence very difficult to predict and put a count on. Still there are a couple of long term scenarios (in red and in blue) I have marked on the chart below. Apart from this it is possible that instead of triangle it may form undergo a flat, double flat or any other complex correction.
Coming to short/ medium term, below is the weekly chart. The upward trend in Copper seems to be intact. Here again there are numerous possible counts. The preferred count for now, assuming a zig-zag corrective pattern, is as shown on the chart.
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