LME aluminium still targets $1,401-$1,418 range

LME aluminium still targets a range of $1,401-$1,418 per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.

The range is formed by the 214.6 percent and the 200 percent Fibonacci projection levels of a downward wave (c), the third wave of a three-wave cycle from the Sept. 9 high of $1,655.50. The lower trendline of a falling wedge even suggests a target below the range.

The metal has broken a support at $1,445, the 176.4 percent level, the next support will be at $1,418. A rise to $1,452 could signal the break below the support was false, and the 161.8 percent level at $1,462 may be approached.

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