Copper has been struggling since May to reverse the damage caused by the breach of a long-term midpoint support, to little avail. Now it looks like a fall to the 2.7780 target associated with that Hidden Pivot is all but certain. That’s a decline of 12% from these levels, but it wouldn’t necessarily mark the end of the bear market begun nearly three years ago. More likely is a strong (and tradable) bounce from 2.7780, then a resumption of the downtrend to 2.4435, a target derived from sliding point A to a higher peak (A2). ________ UPDATE (November 26 4:10 a.m. EDT): The futures deserve the cautious benefit of the doubt at the moment, since they’ve turned from well above the target given above. However, the rally would gain more credibility if bulls are able to pop this vehicle above the two peaks shown — and the sooner the better.
