Copper ETF (JJC) lost over a third of its value in 6 months (2/2011 to 10/2011).  Since then a strong retracement rally in Copper has brougth JJC back to its 50% retracement level, of that 6 month decline and has filled a key gap in the chart  at (1)..  

Of late JJC has declined a small percentage after hitting its 50% level and is breaking a steep support line.  Keep a close eye on JJC’s near term action to see if this leading indicator “backs off” much from this key Fib level and sends a new macro message.

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