Reuters reported that LME aluminium looks exhausted in its fall and may temporarily stop at or above a support at USD 1,952.

A 5 wave cycle from an hourly chart high at USD 2,121.75 is ending, and most likely the bottom of the fifth wave will be at USD 1,952, the 138.2% Fibonacci projection level of a downward wave C.

The support is expected to trigger a rebound which may go to USD 2,004, the 100% projection level. The metal may also start the rebound from the current level towards USD 2,004.

Source - Reuters

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