This is the third wave of a three-wave cycle that developed from the Sept. 2 high of $2,119, progressing towards $1,824, its 61.8 percent Fibonacci projection level. The weak rebound from the Oct. 16 low of $1,893.50 may end around resistance at $1,935, the 14.6 percent level.

Strategically, the target at $1,880 will be confirmed when aluminium drops below support at $1,914, the 23.6 percent level.

A break above $1,935 could signal the extension of the preceding wave b towards the Oct. 9 high of $1,969.

Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.