It’s been 18 weeks since the last FCX weekly cycle low was made on 10/14/2016 at 9.24. This cycle clearly took out the previous cycle high at 14.06. And FCX has made a higher high in this complex weekly cycle. It has a clear alpha high and beta high. All signs point to a continuation of the up trend. Right now it is in the weekly cycle timing band. We are waiting for signs of reversal. It could happen in next few days or next week or so. The most important observation is to see how it behaves around 14.06 and 13.13. The best long would be above 14.06. Staying above 14.06 would show the internal strength. Even during the correction phase, it can’t violate the important support.
If it goes under 14.06, but it’s able to defend 13.13. It still would be a good long for the coming weekly cycle. Stay tuned.