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FCX Elliott Wave View: Buying The Wave 4 Pullback


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FCX Elliott Wave View: Buying The Wave 4 Pullback

In this technical blog, we are going to take a look at the past performance of 1 hourElliott WaveCharts of FCX,which we presented to members atelliottwave-forecast.In which, the rally from 9 October 2019, showed an impulse sequence with right side tag pointing higher favored more strength. Therefore, our strategy remains to buy the Elliott wave dips in 3, 7 or 11 swings into the direction of right side tag to complete the 5 waves impulse structure. We will explain the forecast & structure below.

FCX 1 Hour Elliott Wave Chart From 12/20/2019

FCX Elliott Wave View: Buying The Wave 4 Pullback

FCX 1 hour Elliott Wave Chart from 12/20/2019 Midday update, in which the stock is showing an impulse structure where wave 1 ended at $11.92 high. Wave 2 pullback ended in 3 swings at 10.70 low. Wave 3 ended at $13.38 high in 5 wave structure. Down from there, the stock made a 3 waves pullback in wave 4. The internals of that pullback unfolded as a zigzag structure where wave ((a)) ended at $12.82. Wave ((b)) bounce ended at $13.33 high. And wave ((c)) was expected to end in between $12.77-$12.42 100%-161.8% Fibonacci extension area of ((a))-((b)). Afterward, the stock was expected to resume the upside or to do a 3 wave bounce at least.

FCX 1 Hour Elliott Wave Chart From 1/02/2020

FCX Elliott Wave View: Buying The Wave 4 Pullback

1 Hour Elliott Wave Chart from 1/02/2020 Pre-Market update, in which the stock is showing reaction higher taking place from the blue box area. Allowed members to create a risk-free position shortly after taking the long opportunity at the blue box area. In the above chart, with the stock breaking higher, we proposed that wave 4 pullback ended at $12.60 low. Its important to note that as structure further developed, we changed the structure of the wave 4 pullback into a double three structure by looking at a lesser degree structure.

FCX 1 Hour Elliott Wave Chart From 1/05/2020

FCX Elliott Wave View: Buying The Wave 4 Pullback

FCX 1 Hour Elliott Wave Chart from 1/05/2020 Weekend update, in which stock failed to extend higher & new high turned out to be a part of Flat structure. Therefore, we adjusted the count in wave 4 pullback to an expanded flat structure. Whereas, the initial pullback to $12.60 low ended wave ((a)). Wave ((b)) bounce ended at $13.45 high. Wave ((c)) was expected to reach $12.58-$12.20 100%-161.8% Fibonacci extension area of ((a))-((b)). From there, the stock was expected to resume the rally higher again in wave 5.

FCX 1 Hour Elliott Wave Chart From Post-Market

FCX Elliott Wave View: Buying The Wave 4 Pullback

Heres the recent 1 Hour Chart from Post-Market update, in which the stock completed the flat correction at $12.50 low. After reaching the blue box area at $12.58-$12.20 area. Then went on to make new highs as expected allowed members to create a risk-free position once again. Near-term, while dips remain above $12.50 low the stock is expected to see more upside towards $$13.68-$14.04 area.

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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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