LME aluminum will rebound more to USD 2,059 per tonne, as it is riding on an upward wave. This wave is the second upward leg of a corrective wave cycle that started at the December 14 low of USD 1,955.75.
A Fibonacci projection analysis points to a target at USD 2,059, the 100 percent level, based on the length of wave (a) and the trough of wave (b) at USD 1,980.50.
A retracement from the current level will be moderate, limited to USD 2,010.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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