History Repeats Itself: COPPER
We all are very well aware of the basic principle of technical analysis is that the history tends to repeat itself. The crowd cannot change their motivation overnight it means the people are expected to react the same way to a certain situation as they did in past the same certain situation. If we think based on technical analysis context, the market is driven by the mass psychology. And the randomness of price movement in the market is the consequence of greed and fear, pain and pleasure. So sometimes price movement react exact the same way as it has reacted in past on particular occasion. Below is the copper daily chart representing three waves these are wave-A, wave-B, and wave-c .The pivot point or the start point of wave-A is 13th Jan 2016 and its price ranging from 291 to 343. After achieving 343 price level wave-B has started and it seems to be irregular flat correction structure. Now the low at 9th June 2016 is may be the end of wave-B and the same point can be considered