Copper Catching Its Breath? A Penny for your Thoughts.CopperCAPITALCOM:XCUUSDNovi_FibonacciPrice rise on XCUUSD may have stalled out temporarily after this miraculous rally made contact with a Fibonacci Extension level leading me to believe we are in an Elliot Wave, lets break it down! Here on the 3 Month XCUUSD chart, we can clearly see: - a strong Wave 1 - a steep Wave 2 - an explosive Wave 3 Now based on the Low and High of Wave 1 and the Low of Wave 2, the Fibonacci Extension tool gives us a 1.618 Extension level @ 6.95416 where we see price touched and was rejected from and in theory, signals the end of Wave 3! Now, based on the Rule of Alternation, if Wave 2 was a steep wave, that will most likely mean price action of Wave 4 will be more flat or sideways. Regardless, we should expect a 23.6% - 38.2% retracement of Wave 3 to be the End Target of Wave 4 with an Invalidation of Pattern at the 50% retracement level. Fundamentally, what is leading to this rise in XCUUSD? Look at the industrial use. Copper is used in: - Electrical like power cables, transformers, motors, generators, circuit boards, connectors, semiconductors and chips - Construction like piping, roofing and HVAC - Renewable Energy like solar panels, wind turbines and grid infrastructure - EV's roughly use 2-4 times more copper than a gasoline car So the seriously growing demand for all things AI, Technology, Robotics, Space Travel, etc. relies on this precious metal.