Copper's Price Channel is in its Critical Decision Wave.
Copper pierced the bottom of its red price channel in its critical decision wave (the recent low).
Copper is now rallying back into the price channel.
If copper reverses in the middle of the channel and breaks out past the recent low, it would usually be setting up a breakout into a melt-down channel (green scenario).
If copper makes it all the way back to the channel top, it has started a bottom.
I’ve drawn a classic megaphone channel bottom on the chart (purple scenario). You will also sometimes see triangle bottoms. And occasionally you will see falling megaphone bottoms (crashes) that lead to a much lower low.
The crash scenario would make it all the way back to the red channel top, then reverse there for a large breakout through the channel bottom, put in a partial retrace, and keep going down (blue scenario).