Copper lost an additional 4.50% last week bringing the three week loss to a total of 9.68% - the biggest three week drop since October 2011. Thursday’s intra-day low of 2.99 was only 0.03 from my price target of 2.96.

The Coppock Curve (not shown) has reached a level seen at previous bottoms in copper. Given the proximity of last week’s low to my price target and the explosion of volume in the copper ETF, JJC, I’d say that was the bottom of the decline in copper. However, if 2.96 is broken, all bets are off!

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Ed Carlson, author of George Lindsay and the Art of Technical Analysis, and his new book, George Lindsay's An Aid to Timing is an independent trader, consultant, and Chartered Market Technician (CMT) based in Seattle. Carlson manages the website Seattle Technical Advisors.com, where he publishes daily and weekly commentary. He spent twenty years as a stockbroker and holds an M.B.A. from Wichita State University.

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