10 MARCH 2016Business Recorder
LME aluminium to drop to $1,531
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to drop to $1,531 per tonne, following the completion of a three-wave cycle from the Nov. 23, 2015 low of $1,432.50.
Labelled c, the final wave of the cycle could be divided into five small waves. Such a division is a strong signal that the cycle has ended.
The fifth wave of the wave c, the wave 5, has been developing within a narrow channel, from which, a duplicated channel suggests a target at $1,531, the 61.8 percent level Fibonacci projection level of a bigger wave C from the Jan. 12 low of $1,449
. A further bounce could be limited to $1,581, the 100 percent level.
Labelled c, the final wave of the cycle could be divided into five small waves. Such a division is a strong signal that the cycle has ended.
The fifth wave of the wave c, the wave 5, has been developing within a narrow channel, from which, a duplicated channel suggests a target at $1,531, the 61.8 percent level Fibonacci projection level of a bigger wave C from the Jan. 12 low of $1,449
. A further bounce could be limited to $1,581, the 100 percent level.
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