Copper – a broken pattern……and a possible new one ?


China over the week-end took steps to cool its overheated housing market. This is not a positive development for Copper and by extension copper miners (and therefore too copper junior exploration stories). Has this story been foretold by the Copper market? Indeed it has. The image embedded herein shows a Gartley pattern setup that has failed on a weekly nearest contract chart of Copper futures. Copper is now trying to form another Gartley pattern. I have circled an area on this image that shows a possible small pattern forming. In order for this small pattern to complete itself, we have to make a point D which would have to be below point B ($3.42). Watch Copper closely in the coming sessions. If this small pattern proves valid and point D forms below $3.42 but above $3.30, copper will stage a small rally. If this small pattern fails, the expect Copper to wander in the wilderness with choppy volatility until a fresh pattern forms.  


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