CPER Metals Research — June 28, 2026
CPER $37.33 — double-top resolved lower, C-wave low $32.305 is the next major magnet
CPER — United States Copper Index Fund | $37.33
Copper's ABCD structure formed a textbook double-top that is now resolving to the downside. From the Jul 31, 2025 crash low at $27.08 (A), CPER rallied to the Jan 29, 2026 cycle high at $40.44 (B). A sharp correction brought price to the C-wave low at $32.305 on Mar 20 — precisely tagging the 0.618 measured-move projection at $32.19. The subsequent D-wave rally returned to $40.46 on May 12, forming a near-perfect double-top with the Jan 29 peak at $40.44. Since the May double-top, CPER has been declining. The Jun 24 low of $36.12 is the most recent session reference. The D−(B−C)×1.0 measured-move target from the double-top is $32.33 — nearly identical to the Mar 20 C-wave low.
Weekly Wave Count
- A — Jul 31, 2025 @ $27.08 — crash low cycle base
- B — Jan 29, 2026 @ $40.44 — B-wave cycle high
- C — Mar 20, 2026 @ $32.305 — C-wave correction low (tagged 0.618 projection at $32.19)
- D — May 12, 2026 @ $40.46 — D-wave double-top secondary high
- → Jun 24 low @ $36.12 — most recent session low
Measured-Move Projection: D − (B − C) × 1.0 = 40.46 − 8.135 = $32.33
Key Level Map
| Rating | Price | Context |
|---|---|---|
| ★★★★★ | $40.44 | B-wave cycle high — Jan 29 |
| ★★★★ | $40.46 | D-wave double-top — May 12 |
| ★ | $36.12 | Jun 24 most recent low |
| ★★★★★ | $32.305 | C-wave correction low — Mar 20 |
| ★★★★ | $27.08 | Crash low — Jul 31, 2025 |
| — | $32.33 | D−(B−C)=1.0× downside target |
Outlook
CPER at $37.33 is in a confirmed downtrend from the double-top at $40.44/$40.46. The measured-move target at $32.33 aligns almost exactly with the prior C-wave low at $32.305 — a powerful confluence zone. The Jun 24 low at $36.12 is the immediate pivot. A break below $36 accelerates the path to $32.33. Recovery requires a close back above the double-top at $40.46; anything below that keeps the measured-move projection active.
Charts
