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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