MCX copper is trending strongly within an ascending channel, indicating solid bullish momentum. Wave (2) correction occurred at 861.7, and price started rising for the sub-waves of wave (3). Among sub-structures, price accomplished the wave (iv) triangle at 990.1.
Price has already crossed the wave (iii) and started rising for the final wave V of wave (3). Wave (v) can complete the nearby 0.618 – 0.786 fibonacci extension of wave 1 through 3. The second point can be the upper band of the parallel channel, which can provide a supply force.
As copper enters this target zone, profit-taking is likely to occur. A sharp drop into Wave (4) can follow, but the broader trend still favours the bulls.
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