Tuesday, 04 August 2015 13:49
,595″ alt=”LME aluminium still targets ,595″ width=”400″ height=”249″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/lme-aluminium-biased-to-break-support-at-1488.jpg”>SINGAPORE: LME aluminium still targets $ 1,595 per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.
A downwards wave c has been driving the metal from the July 2 high of $ 1,744.50. This is the third wave of a three-wave cycle that developed from the May 6 high of $ 1,977. It may travel to $ 1,444, the 100 percent Fibonacci projection level over a few weeks.
The immediate target will be $ 1,595, the 50 percent level, a break below which could lead to a loss to the 61.8 percent level at $ 1,559.
