Hot Copper Charting and Chat, page-13

PLS Weekly - I've expanded out on the Weekly to show the bigger picture here, I believe we're seeing a Cause Determination, a last bid challenge to the Accumulative Cause that after Changing Character and Marking up inside the Trading Range in Phase D, as can be seen clearly following Phase C with the ideal sudden increase in Volume/Spread, found Weakness and the inability to maintain momentum into Phase E, Markup Outside the Trading Range, as a result price has pulled back to the PSY line (approx. midline) to ultimately challenge the Cause and therefore determine whether the outcome of the Cause is to be Accumulation or Distribution. A poor result here could see this return to the lower half of the Range whilst successfully holding the line could potentially see price continue into Phase E Markup.
This all points to the importance of the outcome of the tighter Trading Range that price is currently contained within, keen to see the outcome, cheers.