Copper’s chances of reversing a bear market now well into its third year took a hit recently when the futures slightly exceeded a key low recorded in October 2011. This refreshed the bearish impulsiveness of the daily chart (note: this is a composite chart with ‘blended’ highs and lows) while reaffirming the 2.7780 bear market target shown. Bulls would earn a fighting chance by pushing this vehicle above the 3. 3490 peak I’ve labeled, but it looks unlikely right now. Somewhat less encouraging but still viable would be a print at 3.2435, which would top a lesser peak not clearly visible (but labeled).
