LME aluminium may fall to $1,547

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LME aluminium may fall to ,547: aluminium may break a support at $ 1,560 per tonne and fall more to the next support at $ 1,547, as indicated by its wave pattern and a Fibonacci projection analysis.

The metal is riding on a wave C, the third wave of a three-wave cycle that developed from the 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.

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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.

Copyright Reuters, 2015

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