FCX, Freeport-McMoRan Inc update and copper

First the then, Dec. 2012 and June 24th, 2015, and now charts.

FCX dec 2012FCX june 23 2015fcx aug 29 2015

We were bearish for a lot longer, please also see older blogs, but back in 2012 we set a credible EW target of about $10 and for itself of $2.20. with the “Greenberg” deposit in Indonesia is, as far as we know, still the largest copper producer in the World. The $10 target derives from equality  between the C and A legs but did not create a new low, that is below the $8.40 of 2009. We got that with the $7.76 low last week. Copper, see chart below,then, Dec. 2012 and now, conveniently complied by dropping precisely to the $2.20 level.

copper dec 2012copper aug 29 2015

We do not know if Karl Icahn is an avid reader of this blog – we know there are 40.000 but we do not know who they are individually – but supposing he is  and did  take the above to heart and bought an eight and one half percent stake in FCX. If he bought at the low he is now up 25%, not bad for two days work. That represents about $80 mln. It could have been yours!

The 2012 A-B-C EW count for FCX is, of course, completely wrong (C waves must be 5 waves, not A-B-Cs) but the target is nevertheless accurate, at least so far..