From the high of $3.861 Copper formed a five wave decline on the daily chart. The impulse made a low of $3.386 and since then copper is attempting a bounce. The key levels for the bounce are $3.625 – $3.678 ie 50% – 61.8% retracement of the fall respectively. Near these levels fresh short positions can be initiated with reversal above $3.77 ie above the 20-week moving average (WMA) and the 40-week exponential moving average (WEMA). The weekly momentum indicator is in a bearish mode. The targets on the downside would be $3.38 – $3.21 ie 61.8% -78.6% retracement marks respectively.