Loading ...$Copper – Looking Bullish?
With China, Japan, and Europe about to implode (so I hear) and the US economy in tatters (Zerohedge et all) it seems unlikely that copper has found a bottom and is ready to rumble. Still, daily Copper action in March – April is similar to Silver’s action in February – March. Silver leads?
Here is the Silver Chart. (will the silver BT hold?)
The weekly chart shows Copper fell to within pennies of the triangle breakdown Price Objective (PO), then bounced.
The monthly log scale copper chart offers no clue (as far as I can determine) of a bottom, but the monthly Linear chart is interesting…
https://www.armstrongeconomics.com/international-news/north_america/americas-current-economy/is-copper-the-new-gold/
Major low for Cu in the works…
I have us coming oft a major relative HIGHS, again. Seriously.
My monthly charts all show ‘annual cycle’ peaks being struck last month, and we’re heading down for yet another leg.
This marks the eighth major LT sell signal since the 2011 on my tools. The prior seven were all spot on. The previous one was May of last year.
Normally, I would allow 4-6 months for this cycle to find lows from which to reassess.
I like the copper chart….S/L lines just the way I like them. Nice positive divergence on the OBV as well 😉