Wednesday, 12 August 2015 10:37
The metal is riding on a wave C, the third wave of a three-wave cycle that developed from the July 2 high of $ 1,744.50.
This wave may extend to $ 1,547, its 161.8 percent Fibonacci projection level. Such a possibility makes the support at $ 1,560, the 150 percent level, look very vulnerable.
The target at $ 1,547 will be confirmed when aluminium slides to $ 1,556. A bounce from the current level could be limited to $ 1,570.