FCX, Freeport-McMoran update

FCX dec 2012FCX june 23 2015

We have had a bearish outlook on copper and with it FCX for quite some time, see our blog of Dec. 2012 (Copper FCX) shown in part, above left. Today we do not agree with the count then presented but we do with the target of about $10. The drop from the second top in 2011 is a wave given the very distinct B-wave before that. C waves ALWAYS subdivide in 5 waves so the A-triangle B-C on the left is simple not possible. With a slight adjustment we nevertheless get approximately the same result. Presently we must be in wave 5 which probable will become extended and definitely needs at least one more leg down. The $10 target fits with a number of different parameters the most compelling is that C will equal A and that the stock will hit its long term boundary line. By the way, that corresponds with copper at about $2.20 according to the old blog.