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For the past few years Copper has created bullish wicks along a support line, resulting in copper and stock market rallies. This past week Copper created another bullish wick at this support line. Will this bullish wick cause Copper to rally again off this support line?
The Power of the Pattern would suggest that the key to this pattern is that Copper closed below the support line and needs to climb back above the line in short order or a new round of selling will take place in Copper, which could ripple into risk asset pricing and the metals complex (Gold, Silver, Platinum).
Copper needs to do a “LOOK ALIKE” pattern again…..needs to hold at support!