Copper Prices Favored for Further Upside Amid Bullish Elliott Wave Structure

Copper prices continue to favor an upward trajectory in the short term, according to recent analysis. The metal's futures are trading within a bullish Elliott Wave structure, with price maintaining an incomplete three-swing sequence from the 6.2820 low.

As long as Copper holds above this invalidation level, the path of least resistance remains to the upside. This suggests that buyers are still in control, and any pullback is expected to find support at specific swing lows.

The Elliott Wave structure continues to favor higher prices before a larger corrective pullback develops. Looking beyond the near-term correction, the higher-timeframe count points higher, with a target of 6.981 representing the equal legs target for red wave 1 within wave 3.