Loading ...Trying copper long again
After that huge reversal… giving at another go. Simultaneous test of the tight channel from the top, and the Month Pivot, and the Month CAM S3 pivot… same support area as last time. I like the A-B-C correction wave on top of it.
Large speculator positioning should be interesting later today when the COT futures data is released.
Beautiful charts Mort. Been following Copper as well. Thanks for all your great posts.
Plus 1
Looks like there was a big drop in COT Large Specs. And guess what?? Those tricky bastards dropped copper on Tuesday, which is the day of the week that the COT data pertains to. So what I am thinking is they dropped it hard Tuesday so that the COT report would show a big reduction in net longs…. only to bid it RIGHT BACK UP the next day to the previous support area.
I sound like a conspiracy theorist.