Eseandre Mordi
⬤ Copper futures on COMEX have started losing steam after a solid run higher, with prices rolling over from around the 6.00 mark. The broader Elliott Wave structure suggests this could be the beginning of a higher-degree Wave 4 — a typical consolidation or pullback that follows a strong impulsive rally. The chart clearly shows the transition from upside momentum into a short-term corrective move.
⬤ The current slide could also be read as a B-wave inside a larger corrective pattern. Several Fibonacci retracement levels are now in play: the 38.2% level sits near 5.61, the 50% mark lands around 5.34, the 61.8% level comes in close to 5.09, and deeper support at the 78.6% retracement is near 4.74.
⬤ Even with prices heading lower, the bigger picture still points to a corrective phase rather than a full trend reversal. The prior rally is still clearly visible on the chart, and the pullback is unfolding within the established Elliott Wave framework — meaning the structure hasn't broken down yet.
⬤ Copper is widely watched as a barometer for industrial demand and macro sentiment, so this kind of correction tends to draw attention across base metals. How the wave structure plays out in the coming sessions could set the tone for the next major price move, making these technical levels worth monitoring closely.
Eseandre Mordi
