FCX, Freeport MCMoRan

Think copper and a little gold, in Indonesia. A one pony show, the green berg ;fcx aug 2011

I was speaking to an old friend about EW, and he said to me that he had trouble “seeing” the waves. I can see that. There are so many different ways of looking at things and so many different excuses that it can indeed be a very frustrating exercise , particularly the the time element can be notoriously off. It is more an art than a science, but with FCX we have a very clear chart. The B-wave that we have seen in dozens of stocks is very prominent with FCX. It is also now conclusive as, due to the overlap, it is virtually impossible that this will still develop into something else. At a minimum this will drop to $30, but I would expect a lot further.