Before the Bell: Updated Chart on Copper

This update is a follow up to my call that was made on September 11, 2011 in my weekly edition of Heard on the Street.

At the weekly chart level, price has confirmed that the next phase of heavy selling is underway as the w.1 circle extreme was taken out in five waves (see daily chart below).

My current interpretation is that w.3 circle is underway and minor w.1 red has completed and a choppy, counter trend move will develop lasting to at least 9/27/2011, possibly into the early pat of October. Preliminary termination points are where w.2 = .5 w.1. I'll tighten up the target once w.(a) and w.(b) of w.2 are complete.

Once w.2 is complete.... the market should fall in a 3rd of a third (see chart progression) that eventually reaches the w.3 circle low of 305.5.

Best of Trading