InvestingSuccess

Copper sees half of its global demand coming from China. Copper is a good barometer of the China situation. Problem is, China right now is not the robust, double-digit growth China of the past. The Chinese economy is struggling. Economic uncertainty is prompting Chinese households to stash money into savings rather than go out to spend, and companies remain wary of making new investments.

The following chart shows a bearish intermediate trend (red dashed line) on copper. The major trend (200-day average, black dashed line) is also bearish with price trading beneath it. All in all, not a good situation. Note what happened on the above chart when the 200-day average intersected with the intermediate trend line. Price turned lower. This is not a positive situation.

The January 2023 highs of $4.30 represent a Fibonacci 61.8% retrace of the 2022 declines. Price could not push beyond the 61.8% retracement level. Here and now, Copper is below the 38.2% retracement level. I expect to see a re-test of the May 2023 lows.

The next Hurst intervals of longer duration (602 days and 285 days) will manifest in October 2023.

In late October 2023, Mars and Sun will both transit past 9 of Scorpio, a key planetary point in the 1988 Copper futures first trade horoscope. In addition, a Venus 137-degree heliocentric interval will manifest in October (measured from the March 2022 price high point).

These bits of evidence lead me to believe that October could bring a meaningful trend change in Copper prices.