The magnitude of the recent decline since mid-April is similar to the downturn experienced from mid-January to mid-March. Short-term upward and downward movements have already met the requirements, and prices have started to rebound since May 25th. Although I am not a fan of wave theory,  if forced to say something, it might be in the fourth wave, the C sub-wave XDDD.

Switching to the H4 timeframe, a potential inverse head and shoulders pattern can be observed, suggesting a possible opportunity for a short position.

Trading strategy: Fulfillment of the decline (daily chart), potential inverse head and shoulders (H4) 

Gary Hsieh

Gary Hsieh

Jun 02 2023

Copper contrarian buying opportunity?