Copper is forming a bearish Head & Shoulders pattern over the past 7 months and lost both the 50ma and 200ma on Friday. At the 4 month mark, it has already had a failed Intermediate Cycle by making a lower low than its Dec 2017 ICL. Now at the 5 month mark, my cycle expectations are that it will now be making its decent into its next Intermediate Cycle low which will be lower still.
My first chart is a close up daily, showing the H&S topping pattern and the failed Trading and Intermediate Cycle at just the 4 month mark. My second chart is a 3 Year Weekly showing Coppers 5-6 month ICLs along with potential Fib support levels. My last two charts are on a couple of large Copper producers.