Business Recorder
LME aluminium still targets $2,120
Edited by : AL CIRCLE
1 min read
A bearish target at $2,120 per tonne remains unchanged for LME aluminium as a correction from $2,199 has not completed.
The correction is labelled as a wave 4 which may travel to $2,071, the 38.2 percent Fibonacci retracement on the rise from $1,864 to $2,199.
This wave 4 will consist of three waves labelled a, b, c, and the wave a and the wave b seem to have unfolded.
The wave c will drive the metal down to the 23.6 percent retracement at $2,120.
* 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.
The correction is labelled as a wave 4 which may travel to $2,071, the 38.2 percent Fibonacci retracement on the rise from $1,864 to $2,199.
This wave 4 will consist of three waves labelled a, b, c, and the wave a and the wave b seem to have unfolded.
The wave c will drive the metal down to the 23.6 percent retracement at $2,120.
* 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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