Shared last week that Silver ETF (SLV) had created a flag/pennant pattern and On-Balance-Volume (OBV) was breaking support. (See post here)

The Dual chart below reflects that Copper Producer (FCX) and Silver ETF (SLV) have both created bearish patterns and are kissing the underside of important support lines.


Copper producer Freeport McMoran (FCX) and Silver ETF (SLV) are both facing very important resistance tests this morning, within bearish looking patterns.  If this resistance hold, these patterns are sending just as important of a message as the news coming out of Europe.  Large declines more often than not take place when a product fails to break above resistance…. FCX finds itself right now, at the same level where a waterfall pattern took place in 2008…even though the broad market was up on Friday, FCX was down! 

Keep a close eye on this leading indicator as FCX and SLV NEED TO HOLD NOW!

Patterns suggested 10 days ago to “listen” to the message being sent from the Commodity Arena (CRB/CRX).  Shared back in May the foundation for another Great Escape was at hand (see post here)

The message investors should be open minded to hearing…..GE2 (Great Escape 2) could be at hand!  

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past