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Mar 29, 2010: Dr Copper Breaking Out

Posted by pugsma on March 29, 2010

4:25pm EST:  Nothing much has changed.   Still looks like wave 4-[5] consolidation inside the large triangle around the long term 1168 to 1177 pivot resistance points.   D-leg up may be completed with small E-leg down to come. The gap area betwee 1166 and 1168 left at this mornings open, may be the target to close for the E-leg before wave 5-[5] heads to new highs.

15-min Chart (EOD):

60-min Chart (EOD):

12:40pm EST:   Wave 5-[5] may have begun from the 1161.48 low on Friday or we are in the final D-E leg’s to finish up the large symmetric triangle for wave 4-[5].

12:40am EST:  Looks like Dr Copper is breaking out of it’s consolidation range and of late Friday and continuing tonight.   Copper entered it’s consolidaton period about a week before the SP-500.   Copper is typically a leader of the markets, so if it starts to break-out then the major markets should follow.

Copper Futures 60-min Chart (12:30am):

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