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):
Sorry, the comment form is closed at this time.