The rebound has been driven by a wave 5-2, the second of a bigger wave 5 that started at the Jan. 22 high of 41,990 yuan. A Fibonacci retracement analysis on the fall from Dec. 15 high of 46,820 yuan to 38,860 yuan reveals that the wave 5-2 has ended around the 23.6 percent level of 40,740 yuan.
Copper is riding a wave 5-3, which will totally reverse the wave 5-2 and may eventually travel into a range of 36,000-37,000 yuan, as pointed by a descending trendline.