COPPER (LME/MCX/COMEX): Rising Channel & Wave 5 Climax

 Ticker: CA1! (LME Copper) or COPPER1! (Choose one to link) Timeframe: Weekly (1W)

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Key Observations

1. Wave Structure

• The metal is strictly respecting a multi-year Rising Parallel Channel.

• We are currently in Wave 5 (The final impulse leg). Historically, this wave brings a sharp rally followed by a deep correction.

2. Key Resistance Zones (The "Alt Top")

• LME: $12,475 - $12,919

• MCX: ₹1,125 - ₹1,189

• COMEX: $5.54 - $5.73

• Note: The upper trendline of the channel intersects exactly at these zones, creating a "Confluence of Resistance."

3. Key Support Zones

• Trendline Support: The middle of the channel acts as the dynamic floor.

• MCX Support: ₹1,095 and ₹1,065. As long as we hold above these, the path to the top is open.

4. RSI and Momentum (Caution)

• RSI (Weekly): Readings are elevated (above 75-80 on MCX). This indicates an Overbought condition. Divergence is likely forming, suggesting that while price may hit a new high, momentum is fading.

5. My Final View The Trend is Mature Bullish.

• Action: Look to Book Profits near the channel top.

• Warning: A weekly rejection from the "Blue Box" will signal the start of a major correction (A-B-C).

• Buying: Only recommended on dips near the channel midline, not at the top.

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Disclaimer: This analysis is for educational purposes only. Trade with strict risk management.

https://www.tradingview.com/chart/CA1!/p3ft2Htm-LME-COPPER-The-Grand-Finale-Targeting-12-900-Wave-5/

https://in.tradingview.com/chart/COPPER1!/PoOIPQZK-MCX-COPPER-RSI-Overheated-Prepare-for-the-Final-Climax/

https://in.tradingview.com/chart/COPPER/ovBjfapS-COPPER-USD-Approaching-Channel-Top-Wave-5-Peak/

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