Copper: is breaching the key resistance of 5640, the trend line in force since May and the multi-month horizontal hurdle

Copper pierced 15Y trend (5550 levels) but failed to sustain below. A bottom may well have been made at 5250, 2007 low and a projected target for the 5th wave (Elliott) of cycle that started in early May. Decisive resistance zone is at 5640/5710, a break past will mean extension of rebound towards retracement levels of 5864 and 6008.