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Strategies & Market Trends : CFZ E-Wiggle Workspace
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To: rayrohn who wrote (14903)2/1/2013 5:53:57 PM
From: skinowski   of 41512
 
Haven't checked FCX in a while... If you look at the 5 year weekly chart, it made a couple of strong impulsive legs up from its low in 2008, and topped two years ago, in early 2011. Since then, it's tracing out what may be an "imperfect" Triangle. At any rate, for the past 2 years, both - the rallies and the declines - were three-wavers.

One would have to say that the more likely resolution would be to the upside. But I wouldn't touch it until some confirmation takes place. Breaking the longer term down trend line which you are showing would be the first step.

Short term, however, anything can happen. Your chart really shows it all. If that wedge on the end is for real, it may break (short term) to the downside. Again, personally, for the moment i don't see enough reason to put money on the table.
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