The 2016 bounce in copper ran into resistance from various channeling techniques early this year and has been drifting lower since. I remain skeptical that a significant low has be set in copper, this may be the early stages of a move down over the next couple years to a new low under that of early 2016.


I have set the channel on the weekly chart to use the assumed wave (iv) in an effort to forecast futures supports on the way lower. It also acts as a trend line that any bounce needs to stay under. The cycles suggest further short term weakness but prices are trying to not break under the swing low of last December. Bears certainly want that support to break of the next few weeks and attempt to test the median of the channel.