Some believe that Doc Copper can send quality messages about world wide growth or lack of it? Last week Copper had a strong rally, can you trust its message/prediction?
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Copper remains inside of 5-year falling channel (A). The breakout of a narrowing pennant pattern at (1), attracted buyers and Premium Members bought at the time of the breakout. The sharp rally brought on by buyers, pushed Doc Copper up to falling channel resistance last week. Premium members sold into this rally as it was nearing 5-year falling resistance.
What took place at falling resistance has our attention, as Copper could have created a large reversal pattern (bearish wick) at (2), which is the top of 5-year falling channel resistance and its 23% Fibonacci retracement level, based upon the 2011 highs/2016 lows.
Copper needs to breakout of falling channel (A), if it is to send a “Its Different This Time” message!