Copper update - 6 September 2024
You will come across specific terms in these notes (FLD, VTL, and so on). Rather than explain them each time, you will find definitions here: guidance notes for Hurst cycles terminology.
Copper - rounding the anticipated 20 day cycle trough and targeting the next higher 40 day cycle peak.
In Monday's macro note price was falling steeply away from a 20 day cycle peak, but the assessment was that a target zone for a 20 day cycle trough (and potential recovery) was due around 405 and 410 (as shown by the purple target box in that note). This has come to pass and price now needs to climb up through the 10 day FLD and 20 day FLD above to achieve the 40 day cycle peak around mid September and potentially as high as 440, which is the preferred view. Bear in mind that there is big data out of the US today and Copper rallying higher largely depends on how the data affects the US Dollar (i.e it needs to push it further down, which remains the house view).
