LME aluminium to fall to $1,797

LME aluminium could have completed a rebound from the May 21 low of $1,754.75 per tonne, and may drop to $1,797.

The rebound has been driven by a wave c, the third of a three-wave cycle that developed from the May 9 low of $1,755.25.

All the five component waves of wave c have unfolded.

A Fibonacci projection analysis reveals the final component wave, labelled 5, has peaked around resistance at $1,823, the 123.6 percent level.

The current fall is expected to extend to the 76.4 percent level at $1,797. A break above $1,823 could lead to a limited gain to $1,831, the 138.2 percent projection level.

The views expressed are his own.

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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