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Jan 28th, 2010: Chart for Copper, Leading Indicator?

Posted by pugsma on January 28, 2010

5:30 pm (CST):  Back in early January (1-13-2010) one of the blogs regular contributors (Piotr) asked me to chart Copper and tell him what I saw.  His theory is the Copper is leading indicator to the market action.  The chart below was my count on Copper Futures on 1-13-2010 that I sent to him.  And I provided this commentary:  “Here is quick e-wave chart of copper. I think the wave [5] is complete at about 355 ($3.55) hit in the first few trading days of this Jan 2010.  However, we need to see if it breaks below about 318 to 322 to confirm.  One thing I find interesting is that copper seems to be leading the markets by about 2 months.” 

Now look at the updated chart for Copper Futures (1-28-2010).  The break down below 322 is clear.  This comfirms the wave [5] top.

Copper Futures Chart (1-13-2010):

Copper Futures Chart (1-28-2010):

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