FCX favors sideways correction before resumes higher

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.

FCX ended ((1)) of III at $46.73 high & favors pullback in ((2)) correction as 7 swings structure in daily. It favors corrective pullback in (Y) of ((2)) & remain choppy before turning higher in ((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. Below there, it ended II as 3 swing correction at $24.80 low as more than 0.5 Fibonacci retracement of I. 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 as dip pullback, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). Below there, it favors corrective pullback in ((2)) & expect downside in (Y) of ((2)) as it broke below (W) low.

FCX – Elliott Wave latest daily view

Below ((1)), it placed (W) at $33.05 low as 3 swing pullback. It ended (X) connector bounce at $44.70 high & started reacting lower in (Y) of ((2)). It favored ended W of (Y) at $32.83 low & X at $43.42 high. Below there, it favors lower in ((a)) of Y of (Y) & expect small downside before it should bounce in ((b)), which fail in ((c)) below W low to finish (Y) towards $31.01- $27.77 area. As long as it holds above II low of $24.80, it expects to turn higher in ((3)) or at least can see 3 swing bounce.