LME aluminum to dive to USD 2135 per tonne

LME aluminum will dive to USD 2,135 per tonne as indicated by its wave pattern and a Fibonacci projection analysis.

 

 

The metal is riding on a downward wave c, unfolding towards the 100 percent Fibonacci projection level based on the length of the preceding wave a and the peak of the wave b at USD 2,246.75.

 

 

The wave c is capable of travelling to USD 2,066, the 161.8% projection level, over the next few trading sessions. This aggressive target will be confirmed by a double top once the metal breaks the neckline support at USD 2,191.