Copper futures could drop like a rock to $1.94

The retracement in wave (X) (orange) could be over as it reached 61.8% of wave (W).
It unfolds in a triple three WXYXZ (yellow).
Y and Z are greater than W, which is healthy.
The target is the previous valley of Jan 2016 at $1.94.
At this target point the wave (Y) will reach the distance of 1.272 of wave (W), which is Fibonacci ratio.