Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of FCX, published in members area of the website. As our members know, FCX has incomplete bearish sequences in the cycle from the 12.16 ( July 24th) peak. Consequently, we advised members to avoid buying the stock and keep favoring the short side. We expected FCX to keep on finding sellers in the sequences of 3,7,or 11 swings .
FCX 1 Hour Elliott Wave Analysis 8.17.2019
Decline from the July 24th peak unfolded as 5 waves structure- wave 1 red. Wave 2 ended as expanded flat at 10.02 peak. Break of 08/12 low made the stock bearish against the 10.02 peak . That break confirmed wave 3 red is already in progress. Cycle from the April July 24th peak looks incomplete now, calling for further weakness. We don’t recommend buying the stock in any proposed recovery. We expect to see 3 waves bounce in proposed ((ii)) recovery that can see 9.41-9.70 sellers area. At the marked blue box sellers should ideally appear for proposed decline or 3 wave pull back alternatively.
FCX 1 Hour Elliott Wave Analysis 8.20.2019
Recovery made proposed leg up toward sellers zone at 9.42-9.7 ( blue box) . FCX found sellers right at the equal legs : 9.42 level and made decline from there. At this stage we call wave ((ii)) recovery completed as (a)(b)(c) Zig Zag Pattern. Now we need to see break below 08/15 low to confirm next leg down is in progress. Otherwise if current high 9.42 gets broken, then stock would be doing double in wave ((ii)). Consequently 10.02 pivot would become more vulnerable.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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