21 OCTOBER 2014Business Recorder
LME aluminium to rise to $2,002
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to rise to $2,002 per tonne, after a shallow correction to $1,960. Wave pattern suggests the progress of a wave c, which started at the Oct. 16 low of $1,893.50. This wave has five component waves and so far, only three have unfolded.
The fourth wave labelled 4 may end around $1,960, a support provided by the lower channel line of a rising channel.
The fifth wave labelled 5 will then take over to drive the metal towards $2,002, the 50 percent Fibonacci retracement on the fall from the Sept. 8 high of $2,118 to the Oct. 2 low of $1,885.
The fourth wave labelled 4 may end around $1,960, a support provided by the lower channel line of a rising channel.
The fifth wave labelled 5 will then take over to drive the metal towards $2,002, the 50 percent Fibonacci retracement on the fall from the Sept. 8 high of $2,118 to the Oct. 2 low of $1,885.
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