Monday, February 15, 2016

[FCX] update

At the backlink I was looking for one more lower low wave.  That has not begun yet and as a result of subsequent action last week I bought back into resources and oil services and dry bulk shipping.  Here is what I now model for FCX.  Note that expanding wedges tend to give it all back, just like normal wedges.  But the wave down from blue 4 should not be choppy like all the bullshit since mid jan. That wave down should be nice and motive IFF this model is correct.  Since wedge are made up of internal 3 counts, the move up from red D would count as A of E.  So now I will be looking for 5 up and bailing out when I see it.  IF gold is down at the same time, I'll likely rotate back into the miners and hope that oil continues to trade in opposition to it.

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