FCX ( Freeport Macmoran INC) Short-term Elliott Wave view suggests that the decline to November 15 low 13.25 ended Minute wave ((b)). Above from there, the stock is showing a strong rally to the upside and structure looks to be unfolding as an impulse Elliott Wave structure due to the extension in 3rd leg higher. Also, each leg has internal oscillations of 5 waves thus favoring it to be an impulse. These possible 5 waves move higher should extend higher in Minute wave ((c)) leg higher of a possible zigzag pattern from 6/02 low (11.05).
Up from 13.25 low Minutte wave (i) ended in 5 waves at 14.54, Minutte wave (ii) ended as a double three at 13.71 low. Above from there, Minutte wave (iii) of ((c)) remain in progress in another 5 waves. Where Subminutte wave i ended at 14.65, Subminutte wave ii ended at 13.81 low and now could be ending the Subminutte wave iii soon in between very short-term 100%-123.6% Fibonacci extension area at 16.38-16.70. Then from there, it should do a 3 wave pullback in Subminutte wave iv before further upside is seen provided the pivot at 13.71 Minutte wave (ii) connector low stays intact. We don’t like selling it and we expect short-term buyers to appear in Subminutte wave iv dip when seen in 3, 7 or 11 swings.
FCX 1 Hour Elliott Wave Chart
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