Copper Price Prediction using Wave Count with the Contribution of Elliott Waves

Within the last few decades, copper has been identified as one of the most applicable metals by many researchers. These researchers have also been enthusiastic to predict the price of this valuable metal. These days, the available technical analysis methods have been highly applied in the financial markets. Moreover, the researchers have used these methods to predict the suitable price trends. In the present work, some technical analysis tools including the Fibonacci series, Elliott waves, and Ichimuko clouds were practiced to scrutinize the price changes and predict the copper price. All copper prices from 2008 to 2016 were considered. Regarding the fractal property of these methods, the relations among prices were obtained within an eight-year time sequence. Since 2016, the copper price has been gradually deviated from its previous trend. Using the wave count and Elliott waves has specified that the wave number 1 and wave number 2 have been completed. Now, the time has come to develop the wave number 3. According to the relations introduced by the Elliott waves and the clouds made by Ichimiku, it was determined that the copper price would be almost $16000 per ton in 2022.