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An Exciting Week for Copper Bulls: Now What?
First, see how copper prices started rallying before the Glencore PLC "surprise"

By Nico Isaac
Mon, 25 Aug 2014 14:45:00 ET
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On Wednesday, August 20, copper prices soared 2.9% in their largest single-day percentage gain since August 8 -- of 2013! Excitement continued for copper bulls as the red metal capped the week off with a 3.3% rise.  

If you're wondering who or what caused copper's powerful surge, the mainstream experts pulled one name out of their hat: Glencore PLC, the renowned Swiss-based commodities trading house. Here, the following August 20 news item gives you the full details:
"Copper Prices Surge after Glencore Gives Bright Outlook… of the copper market, forecasting strong demand from both China and the West in the second half. Glencore's comments were a surprise for investors who had been focused on concerns that a slowdown in China was taking hold."
So, what's the problem, you might wonder?
The problem is, copper prices were on track to rise before the August 20 Glencore "surprise." At best, the mining company's optimistic outlook added fuel to an uptrend that was already underway.
That was the benefit of Glencore PLC's forecast.
The benefit of Elliott Wave International's Metals Pro Service intraday copper forecasts, however, was identifying an uptrend that had not yet begun. Here, we go back to the beginning and rebuild a timeline of our intraday forecasts and accompanying charts:
August 19 2014 7:55 PM: Our bearish outlook in copper hinges on prices "holding under 310.55," now critical resistance.
Copper prices rose above the resistance, shifting the odds in favor of a move up.
August 20 2014 7:40 AM: Comex Copper is probably rising in wave (C)... now. The target is through 312.65.
August 20 2014 9:31 AM: Comex Copper is accelerating. The next target is 316.48, the [Fibonacci] 50% retracement level of the preceding decline.
August 20 2014 7:43 PM: The rise of Comex Copper remains bullish with a potential to the 321 area.
Here, the next chart shows you the full extent of copper's rise up from its August 20 low.
As you can see, our Metals Pro Service was bullish before the news from Switzerland -- and if anything, it wasn't bullish enough.
Now, an August 24 MarketWatch writes: "Copper Prices Make a Comeback."
Meanwhile, our Metals Pro Service shows you the exact support price level copper must hold above to keep the rally intact -- and how far prices could fall if copper slips below it.
Stay ahead of the most time-sensitive opportunities in copper -- and gold, silver, platinum, and aluminum -- with our premier, trader-concentrated Metals Pro Service.

Simply click here and begin personalizing our service to fit the markets and time frames that best suit you.

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