Might This Actually Point out a Prime for Shares, Copper, and Gold?…

Sure, I do know – there are a lot of particulars on the above chart, and it might sound unreadable at first, however I guarantee you that it’s value to dig into it.

There are just a few indicators on it suggesting large home of playing cards is about to fall.

JNUG vs. FCX Brief Positions

One is that we already noticed an invalidation of the breakout to new all-time highs earlier this yr. Proper now, FCX is at its 2007 highs (yup, 17 years have handed and FCX is on the identical nominal worth ranges), and it seems to be prefer it’s about to invalidate the transfer above these highs as soon as once more. Similar to it did in every earlier case.

The opposite is that the general form of the 2020 – now efficiency is similar to what we noticed between 2008 and 2011. 2011 – the yr of THE prime in gold, silver, and mining shares. FCX itself began to say no from above $40 to beneath $four. Can it occur once more? After all.

Lastly, within the decrease a part of the above chart, you’ll be able to see that world shares have invalidated their transfer above their 2007 excessive, which is a really bearish signal for the inventory markets all over the world – and likewise for the US shares, because the actually massive strikes are typically aligned.

There’s a rising, medium-term help line that’s presently at about $42. As soon as FCX breaks beneath it and confirms this breakdown, the decline is prone to speed up.

From the short-term standpoint, we see that there’s extra help at about $41.