Chart of Day : Copper - $JJC

Triangle Breakout or Failure?

I've been tracking this ETF of Copper, ticker symbol JJC for quite some time. My anticipation of a w.B circle triangle formation and subsequent breakout is long overdue. 

While a breakout may have occurred on less than impressive volume, price is either retesting the upper boundary or the pattern is going to fail.  A failure would make sense here as breakouts nearer the apex of the triangle are typically weaker than one that breaks out at the 1/2 way point on heavy volume. 

Should price test and hold support at the upper boundary, the current price action from w.(E) low looks to be in threes or an ending diagonal. 

Turning your attention to Copper futures, we see that the proposed pattern and breakout  is yet to occur leading me to suggest that both the ETF and futures have more back and filling to do before a true breakout event occurs. 

At this juncture, breaks below 340.3 (Copper futures) and  43.17 (ETF) respectively would negate the triangle interpretations. 

Let's see what unfolds. 

Best of Trading

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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.