To sum up this past month’s action in Aluminium prices rallied until they hit the first decent piece of combined Fib resistance around 1896 where they peaked slightly higher than previously and came back off!
The market is below the 50% Fib but looking at the Daily, Weekly & Monthly Charts there is no great clue as to direction apart from the huge Double Top or Split H+S Formation spoken about last time! If we are forming a Second Shoulder then we aren’t doing a good job of It unless we have constructive & consecutive closes outside 1898 – 1757 then we will be travelling in between! Even the idea of a Halfway Hesitation shown on the Daily Chart above is not off the table!
I am tempted as I write to draw some Bearish Andrews & Schiff Pitchforks on recent action but I think on balance I will leave till next time! I will also leave the bullet point above as it is – just watch & play the Fibs at 1811, 1827 & 1844.
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