Southern Copper Corporation (SCCO) engages in mining, exploration, smelting, refining & processing of Copper, Molybdenum, Zinc, Silver, Gold & Lead 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.
As shown in previous article, SCCO extends higher & confirms higher high sequence above I high of $83.15. It appears ended ((1)) of III at $88.40 high & favors pullback in ((2)) in 3, 7 or 11 swings correction.
SCCO - Elliott Wave Weekly View From 8.07.2023:
It placed I at $83.15 high & II at $42.42 low as flat correction in weekly sequence. Above there, it reacts higher in (1) of ((1)) ended at $82.05 & (2) at $64.66 low as more than 0.382 Fibonacci retracement. Within (1), it placed 1 at $49.41 high, 2 at $45.17 low, 3 as extended move at $78.76 high, 4 at $66.47 low & finally 5 as (1) at $82.05 high. It ended (3) at $87.59 high, which broke above I high & (4) at $68.93 low as dip pullback.
SCCO - Elliott Wave Latest Weekly View:
It favored ended (5) at $88.40 high as (1) as diagonal as high came with momentum divergence. It appears in (A) of ((2)) pullback in which it can bounce in 2 red of (A). Later, it expect to turn lower in 3 of (A). It expects pullback in ((2)) in 3, 7 or 11 swings against II low before resumes higher in ((3)) of III. Short term new high can be still the part of ((1)) before correcting in ((2)). Alternatively, if it breaks above $88.40 high & erase the momentum divergence, then it can be the part of nest within III, which may extend higher.
Source: https://elliottwave-forecast.com/stock-market/scco-favors-corrective-pullback-remain-supported/
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
