Now we will see if Copper continues in its horizontal pivot range (caught in the layer of support and resistance offered by the various upper MLP's derived from various Schiff & Mod Schiff forks from the weekly TF) or if price will break lower. The classic AB=CD pattern is visible. We are now spot on a .236 Fib RT form last CD leg 'up' to the recent high 464.95 Remember the two D/S RL's which have carried price lower. They are visible as a red line (from the royal blue fork) and a green line (from the green fork). A test of 400.00 now looks more probable or perhaps price will find support on the thin blue CL from a regular Andrews fork which lies just above 400.00( the mod Schiff incarnation of this fork is the fat blue fork which has the honor of the recent double tops and high pivot at 464.95 which just pierced this UMLP ).
This post refers in part to the post ' Are all trend lines created equal'? These charts clearly illustrate that the higher the TF the more important the resistance/support offered by any dynamic line such a ML's (CL/UMLP/LMLP) & RL/WL or other unorthodox trend lines.
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