Document Type : Original Research Paper


1 Department of Mining Engineering, Science and Research Branch, Islamic Azad University, Tehran, Iran

2 Department of Petroleum, Mining and Material Engineering, Central Tehran Branch, Islamic Azad University, Tehran, Iran


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.


[1]. Atsalakis, G.S., Dimitrakakis, E.M. and Zopounidis, C.D. (2011). Elliott Wave Theory and neuro-fuzzy systems, in stock market prediction: The WASP system. Expert Systems with Applications. 38 (8): 9196-9206.‏
[2]. Tirea, M., Tandau, I., & Negru, V. (2012, August). Stock market multi-agent recommendation system based on the elliott wave principle. In International Conference on Availability, Reliability, and Security (pp. 332-346). Springer, Berlin, Heidelberg.
[3]. Magazzino, C., Mele, M. and Prisco, G. (2012). The Elliott's Wave Theory: Is it True During the Financial Crisis. The Elliott’s Wave Theory: Is It True During the Financial Crisis, 100-108.
[4]. Volna, E., Kotyrba, M. and Jarušek, R. (2013). Prediction by means of Elliott waves recognition. In Nostradamus: Modern Methods of Prediction, Modeling and Analysis of Nonlinear Systems (pp. 241-250). Springer, Berlin, Heidelberg.‏
[5]. E. Volna, M. Kotyrba, R. Jarusek, (2013), Multi-classifier based on Elliott wave’s recognition, Computers and Mathematics with Applications 66, 213–225.
[6]. Volná, E., Kotyrba, M., Oplatková, Z.K. and Senkerik, R. (2018). Elliott waves classification by means of neural and pseudo neural networks. Soft computing. 22 (6): 1803-1813.‏
[7]. Ilalan, D. (2016). Elliott wave principle and the corresponding fractional Brownian motion in stock markets: Evidence from Nikkei 225 index. Chaos, Solitons & Fractals. 92: 137-141.‏
[8]. Vishvaksenan, K.S., Kalaiarasan, R., Kalidoss, R. and Karthipan, R. (2018). Real time experimental study and analysis of Elliott wave theory in signal strength prediction. Proceedings of the National Academy of Sciences, India Section A: Physical Sciences. 88 (1): 107-119.‏
[9]. Vantuch, T., Zelinka, I. and Vasant, P. (2016). Market Prices Trend Forecasting Supported By Elliott Wave’s Theory. In 1st EAI International Conference on Computer Science and Engineering (p. 335). European Alliance for Innovation (EAI).‏
[10]. Vantuch, T., Zelinka, I. and Vasant, P. (2018). An algorithm for Elliott Waves pattern detection. Intelligent Decision Technologies. 12 (1): 15-24.‏
[11]. Marañon, M. and Kumral, M. (2018). Exploring the Elliott Wave Principle to interpret metal commodity price cycles. Resources Policy. 59: 125-138.‏
[12]. Frost, A.J. and Prechter, R.R. (1995). Elliott wave principle: key to market behavior. New Classics Library.‏
[13]. Teseo, R. (2001). The Elliott-Fibonacci connection. Futures. 30 (13): 52-52.‏
[14]. Marañon, M. and Kumral, M. (2018). Exploring the Elliott Wave Principle to interpret metal commodity price cycles. Resources Policy, 59, 125-138.‏
[15]. Prechter Jr, R.R. and Bolton, A.H. (1994). The Complete Elliott Wave Writings of A. Hamilton Bolton. Elliott Wave International.‏
[16]. Espinal, J.C.C. and Méndez, E.R.J. (2001). Ondas de Elliot: La clave para obtener excelentes beneficios en el mercado de valores. INNOVAR. Revista de Ciencias Administrativas y Sociales. (18) : 9-20.‏
[17]. Balan, R. (1989). Elliott Wave Principle Applied to the Foreign Exchange Markets. BBS Publication.‏
[18]. /en-GB/Metals /Non-ferrous /Copper#tabIndex=2.