Business Recorder
LME aluminium poised to drop to $2,192/T
Edited by : AL CIRCLE
1 min read
A rebound of LME aluminium from $2,155 per tonne is ending, to be followed by a drop towards $2,192.
The wave "4" rebound has not violated a downtrend that started at the Sept 16 high of $2,403.75, as the metal is riding on a downward wave (3), which will complete a five-wave cycle, with the wave "5" to eventually drive the price down to $2,155, the wave "3" trough.
A Fibonacci retracement on the fall from $2,340 to $2,155, coupled with a rising wedge pattern, indicate the rebound could be peaking around $2,248, the 50 percent level.
The wave "4" rebound has not violated a downtrend that started at the Sept 16 high of $2,403.75, as the metal is riding on a downward wave (3), which will complete a five-wave cycle, with the wave "5" to eventually drive the price down to $2,155, the wave "3" trough.
A Fibonacci retracement on the fall from $2,340 to $2,155, coupled with a rising wedge pattern, indicate the rebound could be peaking around $2,248, the 50 percent level.
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