Reuters reported that signals are mixed for LME aluminium, as it is not clear how high the current rebound could reach.

The rebound followed the completion of a 5 wave cycle around a support at USD 1,794, the 61.8% Fibonacci retracement on the rise from the June 27 low of USD 1,758 to the July 12 high of USD 1,851.25.

Aluminium has paused around a resistance at USD 1,816 the 38.2% retracement a break above which will open the way towards USD 1,829, as the wave theory indicates that this rebound may stop at any level below USD 1,845, the presumed wave ii peak.