A member has inquired about $FCX‘s count. I will discuss these here in a separate post so that if the targets from the last post are hit, I can make that post public for the purposes of advertising without also have to disclose these long-term counts.
On the longest-term, it is possible to count this much like I am presently counting oil, in this case, also as a 1-2-1-2-1-2 pump (of cycle, then primary, then intermediate degrees). I am using the possibility that we are entering a commodities bull market to help guide this count. If we are, commodities-related equities should enter very long-term bullish runs from here. They should see upside for many years.
Zoomed in a bit, the correction off the high counts best (for now) as a triple-three correction, followed now by a first set of ones and twos. If it makes another low (below green Y) then I would become concerned that everything so far off the highs is merely wave “A” of a larger A-B-C correction. But until then, the very high and tight bullish pennant should be given the benefit of the doubt.
[UPDATE]: As we have reached the initial target range, I will file this under “Successful Calls.” I will need to monitor the price action from here prior to making a new call.