FCX appears to be resuming the dminant trend into the next wave down after falling out of this corrective ascending channel.
Topped at log 0.382 retracement from the top - very typical for a weak correction connecting 2 impulsive waves.
Also topped printing a shakeout reversal pattern through 4H200MA and also fell through 4H50MA to print a heavy momentum candle to confirm trend change.
It may drift or fall - its hitting the 50DMA as support today so could be a bounce perhaps to re-test the lower trendline.
But this one has a long way down (I think).
Not advice.
Topped at log 0.382 retracement from the top - very typical for a weak correction connecting 2 impulsive waves.
Also topped printing a shakeout reversal pattern through 4H200MA and also fell through 4H50MA to print a heavy momentum candle to confirm trend change.
It may drift or fall - its hitting the 50DMA as support today so could be a bounce perhaps to re-test the lower trendline.
But this one has a long way down (I think).
Not advice.
Note
This one is working out very well 😸.Note
Quite a surprise this one as it did look very bearish with weak ascending channel but it would appear the overall market trend is turning and metals starting to push up so this is invalidated. It may pull back but i'm just exiting to find better trades that are probably long.Note
Actually I think this big gap is going to fill so I'll keep it open to hopefully exit in a better moment.Note
Forgot to update this idea. I just held my position, this is a long continuation pattern I think, going much lower. Notice the bearish ascending channel before the pop. This is on my list to hold through the crash.Note
Btw i'm focusing on the thing in my status bar that i'm not allowed to talk about, not really having much time to update TV, but I will sometimes.
Your FA guru can't read a chart💭
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.