Copper Update (Futures and a mining ETF)

I relatively recently updated the copper futures charts as requested by a subscriber. At that time, my view was that copper was moving down in the last leg of wave (a) down from the high from late last year. I now think that (a) may be complete and ready to embark on a few months of choppy retrace up. Below you will find monthly and weekly copper futures charts and also monthly and weekly charts of a copper mining ETF (COPX).

Gold futures monthly/weekly update

In the big picture, either a high is being set soon that results in a significant retrace lower or gold will make a run for mid 1400’s if not 1500. Gold has mostly been range bound for the most part of last year and as such I don’t see that as terribly bullish. USD has been weak the last year against most crosses and this is the best gold can do?

Gold futures monthly/weekly update

The wave count that I last had on the big picture in gold just didn’t sit well with me and have put some thought into it over the weekend. The overall main and alternate ideas in general are the same, it is more of just a technical wave counting issue.

Copper futures 2017-11-05

Up until the middle of next last month, I had been treating the rise in copper as a deep wave four but I am promoting the alternate to primary, an initial impulse up from the early 2016 low. That does not mean that I changed my mind about this advance ending, but that I have thrown in the towel on expecting a new low on a turn lower.

Gold futures 2017-10-31

I have been putting off a bigger picture gold post as I have been reevaluating the big picture EW counts. Let me start with the two scenarios I had been using and move on from there.