Thanks for the very large global response per this unique and important quiz. I owe many of you an apology per not getting back to you…I am sorry! My oldest daughter got married over the weekend and I bit off more than I could chew per getting answers out. I will try to do better next time.
Below is last weeks quiz.
CLICK ON CHART TO ENLARGE
Below is the answer to last weeks quiz…
CLICK ON CHART TO ENLARGE
Copper created a very large multi-year rising wedge back months ago, suggesting a two-thirds chance that copper prices would break to the downside, sending a message the economy would slow down.. (see post here) As noted in the above chart, the worlds leading copper producer has declined almost 50% in less than 90 days, after creating what looks like a multi-year double top.
Copper has often been viewed as one of the better tools, per predicting global growth or lack of. The very large and swift decline now has FCX testing key support. Keep a close eye on this leading indicator, because if FCX fails to hold at support, the message per a continued slow down would be strong. If support gives way, aggressive investors would most likely benefit from a position in SMN.
Dublin….650 on the Russell, per a weekly basis was broke on Friday…the best repeating pattern, broke the key level…not good if long!
hey chris:
really enjoy your work.
lots of things at support…
what are the odds we get a bounce to make a right shoulder?
(applies to FCX but could be others)
Bob…Thanks for the kind words and the chuckle! Actually both of my daughters have gotten married in the past 90 days. Between the markets and the daughters, its been a pretty exciting ride of late! Even though the weddings have had an impact, the help from the Power of the Pattern has been a huge relief. Members played ZSL twice in a 7 day stretch, picking up just under a 100% gain. That position needless to say helped out a good deal! 🙂
Congrats on the wedding! Does the chart correspond to the impact of daughter weddings on family savings?? There is a possibility of three in my future.