Copper and FCX

Copper and FCX in a Death Spiral?

Monday was Memorial Day and I enjoyed watching all the war movies. I find it fitting to draw a comparison between a plane being shot down to the price of Copper and FCX.When a plane gets shot down, it spirals to the ground. I liken this to 3rd waves,which as you know, travel the farthest in the least amount of time. They are destructive by nature and act like airplanes heading vertically to the ground.  

I've been following the progression of a very bearish wave pattern in Copper as well as Freeport McMoran (FCX). Below are the charts that show my preferred wave counts as well as the classical H&S neckline. The target implications for each are a 1.618 multiple or you can use a top to neckline measurement and project it downward from the neckline. 

First order of business is a break of the neckline on a closing basis. I believe that FCX has a greater probability to confirm the pattern as it's core business also has exposure to gold. 

Let's see what develops. 

Best of Trading.