I know I beat the FCX and Copper horse pretty senseless but they are great market indicators and FCX is a great trading stock. I blogged about the strength of copper over the recent past and today the ETN broke to a new high.
Is this the final wave 5 move? Watch internals for clues as the ETN's (or futures chart) price pushes higher into the expected wave 5 targets. I have those at $61.60 for the 61.8% and $65.10 for the 100% target.
What is FCX doing as copper is making its push?
FCX is still well below what we thought at the time was the wave 5 high/top. As noted, FCX is now above the daily 20/50 EMA's ($112.33 / $110.48). It appears that FCX should fill the Jan 20th gap and get to $114.70. the 61.8% retracement from swing high to low is at $115.80 … price could make its way up to that point and still be "officially" still in a retracement off of the low.
Keep your eyes on FCX/Copper to have a sense as to the strength of the equity markets.
Cheers … Leaf_West
