Copper has been consolidating sideways since 2006. The commodity could be tracing a triangle pattern during this secular correction. Bulls want to see a sustained break above 4.50 to call a breakout.

However, another cyclical correction is likely preceding if a triangle unfolds. A textbook pattern corrects between 3.00-3.50 during the next couple of years. Subsequently, the alleged triangle resolves to the upside.

Interestingly, another technically fit into the same macro template: A recessionary environment that encounters inflationary pressure during the next couple of years.