Copper has been beaten down so hard that it was overdue for a sharp reaction. The one that has occurred thus far off the recent low near $2.99 looks quite strong, since it has run up nearly 15% so far without correcting on the intraday charts. A further rise of eight cents from these levels would add yet another peak to the impulse leg’s conquests and the second ‘external” in the series. The actual high lies at 3.4215, and if it is exceeded before the futures effect a b-c correction on this chart, it would suggest there’s enough buying power to keep copper buoyant for at least 3-5 weeks, if not longer.
