Freeport-McMoRan (FCX) Should Continue Upside
Freeport-McMoRan Inc., (FCX) engages in the mining of minerals in North America, South America & Indonesia. It primarily explores for Copper, Gold, Molybdenum, Silver & other metals. It is based in Phoenix, Arizona, US, comes under Basic Materials sector & trades as “FCX” ticker at NYSE.
As showing in the previous article, FCX ended ((1)) of III at $46.73 high. It also ended ((2)) at $32.83 low & start reacting higher in ((3)), which confirms when it breaks above $46.73 high. It favors impulse upside in (3) of ((3)).
FCX - Elliott Wave Latest Weekly View:
Since January-2016 low, it reacted higher in I as impulse sequence ended at $51.99 high in March-2022 peak. It ended II as 3 swing correction at $24.80 low as more than 0.5 Fibonacci retracement in July-2022. Above II low, it favored higher in ((1)) of III, which ended at $46.73 high. Within ((1)), it placed (1) at $33.89 high, (2) at $26.03 low, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). Below there, it ended ((2)) as double three correction at $32.83 low. Within ((2)), it placed (W) at $33.05 low, (X) at $44.70 high & (Y) at $32.83 low.
FCX - Elliott Wave Latest Daily View:
Above ((2)) low, it favors upside in (3) of ((3)) & need to break above $46.73 high to confirm the next move higher. It placed (2) of ((3)) at $36.26 low & favors upside in 1 of (3), which expect one more push higher to finish it before correcting in 2. As long as it stays above $36.26 low, it expects rally to resume in (3) of ((3)) of III. Once it break above ((1)) high, it should extend up to $54.79- $68.36 area for ((3)) higher.
Source: https://elliottwave-forecast.com/stock-market/freeport-mcmoran-fcx-continue-upside/
As showing in the previous article, FCX ended ((1)) of III at $46.73 high. It also ended ((2)) at $32.83 low & start reacting higher in ((3)), which confirms when it breaks above $46.73 high. It favors impulse upside in (3) of ((3)).
FCX - Elliott Wave Latest Weekly View:
Since January-2016 low, it reacted higher in I as impulse sequence ended at $51.99 high in March-2022 peak. It ended II as 3 swing correction at $24.80 low as more than 0.5 Fibonacci retracement in July-2022. Above II low, it favored higher in ((1)) of III, which ended at $46.73 high. Within ((1)), it placed (1) at $33.89 high, (2) at $26.03 low, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). Below there, it ended ((2)) as double three correction at $32.83 low. Within ((2)), it placed (W) at $33.05 low, (X) at $44.70 high & (Y) at $32.83 low.
FCX - Elliott Wave Latest Daily View:
Above ((2)) low, it favors upside in (3) of ((3)) & need to break above $46.73 high to confirm the next move higher. It placed (2) of ((3)) at $36.26 low & favors upside in 1 of (3), which expect one more push higher to finish it before correcting in 2. As long as it stays above $36.26 low, it expects rally to resume in (3) of ((3)) of III. Once it break above ((1)) high, it should extend up to $54.79- $68.36 area for ((3)) higher.
Source: https://elliottwave-forecast.com/stock-market/freeport-mcmoran-fcx-continue-upside/
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
