Similar to Bullions, base metals have been in downtrend for the last few months, and are moving lower by forming lower tops and lower bottoms.
In the month of February 2013, MCX Copper gave a strong breakout from the contracting triangle pattern, fell steeply and made a low of 365.
This month we can observe smart bounce in this commodity, moving higher in a complex corrective pattern as shown below:
MCX Copper 60 mins chart (June Contract):
Waves Analysis: Similar to MCX Crude, MCX Copper moved higher for a second trading session running, testing the previous high of 411 which was end of wave c.As indicated above, prices made a low of 365 at the start of May 2013. It has been moving higher in an upward sloping blue channel by forming higher tops and higher bottoms.
As per wave perspective, prices might have ended the wave near 392 levels. However, Copper prices are again approaching important levels on upside which can mark the turning point.