Business Recorder reported that a bearish target at USD 2,029 per tonne will be established if LME aluminum can clear a support at USD 2,077.75 a low touched on October 20th 2011.
The metal seems to be riding on a fierce wave, capable of traveling to USD 2,029 the 161.8% Fibonacci projection level based on the length of the wave and the peak of the wave at USD 2,165. Most obvious is the 5 wave mode on the fall from USD 2,165 to USD 2,080 signaling the fiercest drop is yet to come.
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