CPER

United States Copper Index Fund ETV

NYSE Arca · ETF

39.50

+0.05 (+0.13%)

Close, Oct 16, 2026

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Structural summary

What is the structure, what changed, and what would invalidate it

Viridia Intelligence

Context across dimensions, not a rating

StructureExpanding rangeIntermediate-degree swings on the daily chart.

WaveDefensiveZigzag complete, next move down (Pattern Confidence 70); the weekly count points the other way.

FibonacciZone belowNearest confluence 38.06–38.29 (4 relationships), −3.4% from the close.

MomentumPositive3 months +2.8% (behind SPY by 0.0 points); 6 months +5.9%.

RegimeMixed−1.0% vs the 50-day average, +4.7% vs the 200-day.

RiskNormal20-day volatility 19% vs 28% over the year; 1-year drawdown −16.4%; beta 1.23.

CPER setup historyNot replayed yet; the track record fills in most-traded securities first.

Current structure

Price, swings and the preferred count on the chart

CPER · 1DLoading bars…

SourceMassive, end of dayUpdated—MethodDaily bars, split-adjusted

Candidate interpretations

Every count shown passes every hard rule

Candidate interpretations

Ranked by Pattern Confidence

Counts ending at the latest intermediate swing high, 41.52 on Sep 22, 2026. 204 labelings tested, 136 broke a hard rule, 12+ remain.

Hard-rule evidence: why 136 labelings were eliminated

57Wave 2 always retraces less than 100% of wave 1
21Contracting triangle: C ends short of A's end, D short of B's end, and E short of C's end
15Wave 4 always retraces less than 100% of wave 3
9Wave B retraces at least 90% of wave A
9Wave 3 always travels beyond the end of wave 1
8Price after the last labeled point has not crossed a rule-based invalidation level

Method Every chain of 3–6 alternating pivots ending at the latest confirmed pivot is tested as each pattern; only counts with zero hard-rule failures are kept, then ranked by Pattern Confidence. Rules: rulebook.Engine pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1, bars to Oct 16, 2026

Fibonacci map

Confluence zones above and below the closeClose 39.50

39.50close

Bar length is the zone's strength (a weighted count of relationships, not a probability). Select a zone to see what forms it.

38.06 – 38.29−3.4% from the close

4 relationships · strength 5.6 · Intermediate, Minor degrees

38.29ProjectionWave C = 100% of wave A · Intermediate · Essentials
38.20RetracementCorrection retraces 61.8% of waves 1–5 · Minor · Basics
38.06Prior 4thCorrection ends near the end of wave 4 · Intermediate · Essentials
38.06RetracementMove after the correction retraces 100% of A–C · Minor · Viridia · secondary ratio

Method Targets come from the Fibonacci relationships the sources describe for the wave in progress, Elliott trend channels, the prior fourth wave of lesser degree, and 38.2–78.6% retracements of the latest swing. A zone is where two or more independent relationships fall within max(¼ ATR, 0.4%) of each other; strength counts them, weighting primary ratios and higher degrees. It is not a probability.

Evidence

The setup the preferred count implies, and how that kind of setup has done

Setup

Intermediate degree · from the preferred count

Bearish setupActive now

Correction complete

A correction looks complete, so the larger trend would normally resume.

Pattern Confidence 70 · High

Reference level0.0% from close

39.50

Latest close

Invalidation+5.1% from close

41.52

End of wave C: beyond it the correction is still extending

Structural target−9.3% from close

35.83

Move after the correction retraces 61.8% of A–C

Reward : risk

1.8 : 1

Invalidation 5.1% from the reference level · 4.1 ATR

Track record: this setup reached its target first in 18% of 2,015 past cases, averaging −0.29R. It lost money in both halves of the replay (−0.22R, then −0.34R), so treat it with caution. Method

NoteResearch scenario generated from Viridia's structural model. Not a recommendation.BasisIntermediate degree, daily bars through Oct 16, 2026. Followed for up to 60 sessions in the track record.MethodA setup restates the preferred count as a trade: the entry (the close, or the level where the correction in progress most often ends), the stop where the count is wrong (a rule level, or the end of a finished pattern), and the count's own Fibonacci target. Reward:risk is measured from the middle of the entry range. A setup needs reward:risk of at least 1 : 1. It is research output from the wave count, not a recommendation or a forecast.

Engine details

Analysis engine: pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1
Bars analysed to: Oct 16, 2026
Price history: Automatic, updated nightly
Daily bars: 514 since Sep 30, 2024
Avg volume, 50 days: 515.7K
Dollar volume, 20 days: $19.1M
SEC CIK: 0001479247
Provider symbols: nasdaqtrader: CPER · massive: CPER
Listing changes: None since Sep 24, 2026

SourcePrices: Massive (end of day, split-adjusted). Listings: Nasdaq Trader, SECUpdatedOct 19, 2026, 8:00 AM EDTMethodSecurity master, daily snapshot diff

MethodStructure: the intermediate-degree swing structure (higher highs and lows, lower highs and lows, expanding or contracting). Wave: the preferred daily wave count's expected direction (constructive up, defensive down), unresolved when the alternate is within 5 points. Fibonacci: the nearest confluence zone of Fibonacci relationships and the distance to it (inside, or within 3%, counts as at a zone). Regime: price against its 50- and 200-day averages. Momentum: 3-month return and its lead over SPY (strong when both are positive and the lead is over 5 points; weak when both are negative). Risk: 20-day volatility against the 1-year level (elevated above 1.25×), and the 1-year drawdown and beta to SPY.

Structure at a glance

Daily chart, as of Oct 16, 2026

Since the count's last pivot (41.52, Sep 22, 2026) price has moved −4.9%, the way the count expects.12 of 12 rule-valid counts expect the current move to be down.Weekly count: zigzag wave C ↑, opposite direction

Preferred count

Zigzag up · complete, next move down ↓

A three-wave zigzag correction up looks complete, so the larger trend would normally resume down.

A-B-C from 32.31, Mar 20, 2026

Pattern Confidence70High

5 of 6 checks met

Key levels, preferred count

Reassess+5.1% from close

41.52

The pattern ended here. A move above it means its last wave is still going, so the pattern isn't complete.

Target, next move−9.3% from close

35.83

Move after the correction retraces 61.8% of A–C

Nearest confluence zone−3.4% from close

38.06–38.29

4 Fibonacci relationships meet here.

Alternate count

Flat down · wave C ↓

Price is in wave C of a three-wave flat correction down.

A-B from 40.44, Jan 29, 2026

Pattern Confidence60Medium

1 of 1 checks met

Why this count is preferred · 5 met, 1 not met

Met

Wave B retraces 38.2% to 85.4% of wave A
Wave B retraces under 90% of wave A (deeper B waves fit a flat better)
Wave C travels beyond the end of wave A (a failure is a truncation)
Wave C equals 61.8%, 100% or 123.6% of wave A
Alternate waves are related by a Fibonacci ratio within 5% (wave 5 to wave 1, C to A, or triangle legs at 61.8%), the more reliable kind of relationship

Not met

The count starts at the price extreme of the prior swing (a new trend begins where the old one ended)

MethodPattern Confidence = (guidelines met + 2) ÷ (guidelines measured + 4), from the rulebook's guidelines, Fibonacci tendencies and wave-personality checks (wave 3 speed and volume, wave 5 volume, alternation in time, a start at the prior extreme), alternate waves in Fibonacci ratio, and the rarity of running flats. The alternate is the best-ranked count that tells a different story. It ranks the rule-valid counts against each other; it is not a probability of any outcome.

What changed

Structural events, most recent first

Oct 15, 2026Trend changedTrend moved from uptrend to mixed.
Oct 15, 2026New Fib zoneA new Fibonacci confluence zone formed near 38.18.
Oct 9, 2026Trend changedTrend moved from mixed to uptrend.
Oct 8, 2026Trend changedTrend moved from uptrend to mixed.
Oct 5, 2026Trend changedTrend moved from mixed to uptrend.
Oct 2, 2026Trend changedTrend moved from uptrend to mixed.
Oct 1, 2026New leading countNew leading count: Zigzag complete ↓ (confidence 70).
Oct 1, 2026Count droppedFlat complete ↑ is no longer among the leading counts; now Zigzag complete ↓.
Oct 1, 2026Daily/weekly alignmentDaily (down) and weekly (up) counts no longer agree.
Oct 1, 2026Swing confirmedA new intermediate swing high was confirmed.
Oct 1, 2026New Fib zoneA new Fibonacci confluence zone formed near 38.18.
Sep 30, 2026Trend changedTrend moved from mixed to uptrend.

Last swing high

41.52

Sep 22, 2026

Last swing low

38.06

Sep 14, 2026

Elliott Wave

Wave counts are built on these swings and each one passes every rule in the rulebook. They are ranked by how many guidelines they satisfy; the preferred and alternate counts are summarized above the chart.

MethodPrice versus its 50- and 200-day averages: above both with the 50 above the 200 is an uptrend, below both with the 50 below the 200 is a downtrend, anything else is mixed. Swings: adaptive ZigZag on daily bars, pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1.