Reuters reported that LME aluminium is expected to revisit its Tuesday low of USD 1,892 per tonne as a drop from the recent high of USD 1,949 has not completed.

The drop may be composed of three waves labelled a, b, c. The wave b seems to have completed within a resistance zone of USD 1,914 to USD 1,921, formed by the 38.2% and the 50% Fibonacci retracements on the fall from USD 1,949 to USD 1,892.

The downward wave c may have started, progressing towards USD 1,882, its 61.8% Fibonacci projection level. Resistance is at USD 1,921, a rise above which may be capped at USD 1,927, the 61.8% retracement.