SCCO Favors Sideways To Lower Before Rally Resumes

SCCO Favors Sideways To Lower Before Rally Resumes

May 23, 2023 By EWFRaj

Southern Copper Corporation (SCCO) engages in mining, exploration, smelting & refining of Copper & other minerals in Peru, Mexico, Argentina, Ecuador & Chile. The company is based in Phoenix, Arizona, US, comes under Basic Materials Sector & trades as “SCCO” ticker at NYSE.

SCCO made all time high at $83.15 as wave I impulse started from March-2020 low of (II). Later, it finished II as flat correction at $42.42 low. Currently, it favors pullback in ((2)), while placed ((1)) at $82.05 high. It expects ((2)) to unfold in 3, 7 or 11 swings & remain supported at extreme area to resume higher in ((3)) of III.

SCCO – Elliott Wave Latest Weekly View: 

SCCO – Elliott Wave Latest Weekly View: 

It placed (I) at $58.09 high & (II) at $23.43 low in March-2020. It resumes higher in (III) & finished I at $83.15 high. It placed ((A)) of II at $54.92 low in 3 swings pullback, while ((B)) at $79.31 high. It finished ((C)) as 5 swings lower at $42.42 low to finish wave II flat correction.

SCCO – Elliott Wave Latest Daily View: 

SCCO – Elliott Wave Latest Daily View: 

Above II low, it placed (1) at $49.41 high & (2) at $45.17 low as 0.618 Fibonacci retracement. It finished (3) as extended wave at $78.76 high & (4) at $66.47 low as 0.382 Fibonacci retracement of (3). Finally, it ended (5) as ((1)) at $82.05 high. Currently, it favors lower in 5 of (A) & expect small downside before bounce in (B). It expects ((2)) to correct lower in 3, 7 or 11 swings against II low before upside resumes in ((3)) of III, which confirms above $83.15 high. Buyers expect to enter the market in extreme areas in ((2)).

Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session, where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.

Source:https://elliottwave-forecast.com/stock-market/scco-favors-sideways-lower-rally-resumes/