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LME aluminium expected to temporarily settle at $1,952
Edited by : AL CIRCLE
1 min read
LME aluminium looks exhausted in its fall and may temporarily stop at or above a support at $1,952.
A five-wave cycle from an hourly chart high at $2,121.75 is ending, and most likely the bottom of the fifth wave will be at $1,952, the 138.2 percent Fibonacci projection level of a downward wave C.
The support is expected to trigger a rebound which may go to $2,004, the 100 percent projection level.
The metal may also start the rebound from the current level towards $2,004.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
A five-wave cycle from an hourly chart high at $2,121.75 is ending, and most likely the bottom of the fifth wave will be at $1,952, the 138.2 percent Fibonacci projection level of a downward wave C.
The support is expected to trigger a rebound which may go to $2,004, the 100 percent projection level.
The metal may also start the rebound from the current level towards $2,004.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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