Descending Triangles more often than not suggest lower prices are ahead. If you are not familiar with this pattern….(see post here)
Freeport McMoran, the worlds largest Copper producer has created many classic patterns over the past 10 years highlighted in the chart below.
CLICK ON CHART TO ENLARGE
Copper and FCX have been above average indicators per the direction of the global economy over the past few years. Keep a close eye on FCX and the patterns at hand.
Should FCX break support at (2), the odds would increase the basic materials complex will shrink a good deal in price!
