Freeport-McMoRan Inc., (FCX) engages in the mining of minerals in North America, South America & Indonesia. It primarily explores for Copper, Gold, Molybdenum, Silver & other metals, as well as Oil & gas. It is based in Phoenix, Arizona, US, comes under Basic Materials sector & trades as “FCX” ticker at NYSE.
FCX finished corrective pullback at $24.80 low against 2016 low & expect further upside in III sequence, which confirms above I high of $51.99. It favors higher in 1 of (1) of ((3)) & expect higher, while dips remain above ((2)) low of $33.05.
FCX – Elliott Wave Weekly Latest View: 
It started impulse sequence from January-2016 low, which ended as I of (III) at $51.99 high. It placed ((1)) at $17.06 high & ((2)) at $4.82 low as flat correction. Above there, it extended higher in ((3)), which ended at $46.10 high & corrected lower in ((4)) at $30.02. Finally, it ended ((5)) as diagonal at $51.99 high as wave I. It finished II correction at $24.80 low as 3 swing pullback.
Above II low, it favored ended ((1)) of III at $46.73 high. It placed (1) at $33.89 high, (2) at $26.03 low, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). It favored ended ((2)) correction at $33.06 low, in which it placed (A) at $34.88 low, (B) at $43.46 high & (C) at $33.06 low in 3 swing correction. Currently, it favors higher in 1 of (1) of ((3)) & expect small upside as diagonal before correcting in wave 2. It expects further upside, while dips remain above ((2)) low & confirm the sequence above ((1)) high to avoid any double correction, if breaks below $33.06 low.
Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session, where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.
Back
