(Z1) Enters A Corrective Cycle

• RES 4: $502.60 - 2.00 proj of Aug 19 - Sep 13 - Sep 21 price swing
• RES 3: $500.00 - Psychological round number
• RES 2: $490.68 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
• RES 1: $487.05 - High May 10 and the bull trigger
• PRICE: $453.75 @ 13:56 BST Oct 22
• SUP 1: $445.85 - 20-day EMA
• SUP 2: $428.65 - Low Oct 12
• SUP 3: $411.40 - Low Oct 6
• SUP 4: $405.45/401.60 - Low Sep 30 / Low Sep 21

Copper has entered a corrective cycle. The outlook remains bullish. The rally earlier this week traded to a high just short of key $487.05, the May 10 high and bull trigger. A strong bullish condition was confirmed following the recent break of $430.68, a bear channel top from May 10. This signals a resumption of the current uptrend and a break of $487.05 would confirm this and open 490.68, a Fibonacci projection. Initial support is at $445.85, the 20-day EMA